March 30, 2004

MOL to Transfer LNG Ship Management Performed
by Tokyo Head Office to MO LNG Transport Co., Ltd.
-- Move will enhance management structure to ensure safe, reliable operation --



Mitsui O.S.K. Lines, Ltd. (MOL: President: Kunio Suzuki) today announced that the company will shift LNG ship management performed by its Tokyo Head office (currently handling 10 LNG ships) to MO LNG Transport Co., Ltd., an MOL Group LNG ship management company. The move, of which procedures completed March 31 and effective April 1, is intended to further strengthen the company's LNG ship management structure.

MOL has moved aggressively to expand its ocean transport business of liquefied natural gas (LNG), a clean, abundant energy source, since 1983, when it first launched the Indonesia-Japan transport project. The company is now a worldwide leader and participating in the ownership or operation of 56 LNG carriers of some 200 (including those under construction) in service around the world.

MOL has also positioned the natural resource and energy transport sector as an area for strong future growth in its mid-term management plan, MOL STEP, which will start on April 1. The company looks forward to continued expansion of its LNG transport operations.


1) Profile
MO LNG Transport Co., Ltd.

Founded: April 24, 1991
Address: 2-1-1 Toranomon, Minato-ku, Tokyo 105-0001
President: Makoto Iwata (MOL Senior Managing Executive Officer)
Executive Director: Reizo Funakoshi
Senior Managing Director: Renpei Harada
Paid-in-capital: 40 million yen (Wholly owned by MOL)
Number of employees: 41 (as of April 1, 2004)


2) Transfer of business: Transfer procedures completed March 31, 2004 and effective April 1, 2004.

3) Objectives
The goal of this move is to concentrate on managing and accumulating MOL's extensive ship management technologies and information to meet rapid changes in the LNG trade environment with speed and flexibility. In addition, MOL is working to enhance ship management services and specialized training for crew members and technical personnel.

MOL meets diversified customer needs by vigorously accumulating marine technology know-how, training the next generation of technical personnel, and creating an agile management system that can maximize the benefits of the new structure.