Our tanker fleet is one of the world's largest. Centered on very large crude oil carriers (VLCCs), it also includes product tankers, chemical tankers, and liquefied petroleum gas (LPG) carriers. "We will promote and protect our environment by maintaining strict, safe operation and navigation standards," one of MOL Group Corporate Principles, the company has taken the initiative to adopt double-hulled structure to tankers, and completed its adoption to 100% of all MOL-operated tankers as of December 31, 2008. MOL, as an expert of energy transport backed by full line-up fleet and safe navigation, is expanding its business activities in global scale.

<Business Performance during FY2008>
Both the crude oil tanker and petrochemical product tanker markets performed strongly in the first half of the fiscal year thanks to favorable worldwide market conditions, but conditions declined slowly during the second half. However, both crude oil and petrochemical product tankers increased profits for the full year compared to FY2007. The LPG carrier market was bolstered by the growing demand for LPG during the first half of the fiscal year, but trade stagnated in September, followed by a brief rise before falling rapidly. In the overall tanker segment, both revenue and profits increased from FY2007 due to the contribution made by 13 newly built vessels launched during the term. These vessels included four crude oil tankers launched during the changing market conditions. Factors that squeezed profitability included an increasing number of vessels in dry dock for their periodic inspection and a steep rise in seafarer wages. Nonetheless, as initially planned, we completed the replacement of all single-hull VLCCs, one of the company's key environmental initiatives.