April 27, 2004

MOL Establishes Joint Venture Tanker Operation Company
with Sinotrans Ltd. in China


TOKYO -Mitsui O.S.K. Lines, Ltd. (MOL; President: Kunio Suzuki) today announced that the company has teamed up with Sinotrans Ltd. to establish a joint-venture company providing operation services for very large crude carriers (VLCCs).

Profile

Company name M.S. Tanker Shipping Limited
Location Hong Kong
Paid-in-capital HK$2 million
Ownership MOL 50%, Sinotrans 50%
Executives : Chairman Wang Chunlin (Assistant President of Sinotrans Ltd.)
Directors : Masashi Seki (MOL Executive Officer)
Shigeshi Ohmori (MOL Executive Officer)
and one from Sinotrans
Foundation April , 2004
Business Ocean transport services, mainly with VLCCs



Background

MOL establishes a VLCC operation company with Sinotrans, China's No.3 shipping companies in terms of fleet scale, and a company that has built strong relationships with customers, mainly in the crude oil transport market. The new joint venture aims to meet customer needs as well as China's continually growing demand for crude oil transport.

In June, the new company plans to purchase the Mitsumine, a 260,000 MT VLCC owned by MOL, and start offering shipping services.

One of MOL's major goals under its mid-term management plan, MOL STEP, is to expand its offshore trade business in the energy transport sector - particularly in serving China. By teaming up with Sinotrans, MOL is taking an aggressive step toward expanding its role in crude oil transport to China.