May 10, 2002

MOL to Launch Subsidiary in India

TOKYO Mitsui O.S.K. Lines, Ltd. (MOL, President, Kunio Suzuki) today announced that they will open a subsidiary in India to provide nationwide ocean shipping agency service.

Mitsui O.S.K. Lines (India) Private Limited (MOL INDIA) will have its headquarters in Mumbai and a branch office in New Delhi. Operations will begin on July 4. The new company is capitalized at US$500,000, and wholly owned by Mitsui O.S.K. Lines (Asia) Limited (MOLASIA). It will start operations with 102 employees.

MOL INDIA's management team will be led by Managing Director Sundeep Sibal and Chairman Hideyuki Sadamatsu (MOLASIA Managing Director).

The new company will take direct control over shipping agency operations in northwest India, and assume the operations of current local agent Orient Ship Agency Private, Limited.

As part of a companywide effort to improve customer service and cost control, MOL has established independent local subsidiaries worldwide. MOL INDIA will handle sales/marketing , documentation, vessel's husbanding , and container inventory management. Its goal is to meet the diversifying needs of MOL customers around the world.