May 8, 2003

MOL Speeds up Adoption of Double-Hull Tankers with

Move to Launch Six New VLCCs

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL; President: Kunio Suzuki) today announced plans to order six new double-hull very large crude carriers (VLCCs). The new 300,000 deadweight ton ships are slated for launching in 2004 and 2005.They will be built by Kawasaki Shipbuilding Corporation, Mitsui Engineering Shipbuilding Co., Ltd. and Mitsubishi Heavy Industries, Ltd.

MOL has aggressively expanded its business in energy-related operations, one of the key elements in the company's MOL next mid-term management plan. At the same time, MOL's Tanker Division has been moving rapidly to adopt the double-hull structure for its VLCC fleet, reflecting the company's corporate principles emphasizing protection of the marine and global environment.

With the launch of the six new tankers, MOL will have a total of 24 double-hull VLCCs - more than 80% the VLCC fleet - by March 31, 2006. The company's initial plan was to have 100% of its VLCCs equipped with double hulls by March 31, 2011, but now expects to reach that goal two years ahead of schedule, by March 31, 2009.

As an expert in energy transport and the owner of one of the world's largest tanker fleets, MOL is also moving to adopt the double-hull structure on other vessels, including methanol and product tankers, as well as VLCCs. Currently, 51 of 76 MOL-operated tankers (67%) have double hulls.