June 23, 2005

MOL Establishes Two Joint Venture Tanker Operation Companies
with Oman Shipping Company S.A.O.C.

TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President: Akimitsu Ashida) today announced that the company has teamed up with Oman Shipping Company S.A.O.C. (OSC), Omani closed joint stock company wholly owned and controlled by The Government of the Sultanate of Oman, to establish two joint-venture companies as early as possible providing ocean transport services by very large crude carriers (VLCCs) and LR1 product tankers respectively.

Profile
- For VLCCs

Company name	To be named later
Location	Panama
Paid-in-capital	US$ 10,000
Ownership	MOL 50%, OSC 50%
Business	Ship owning, Ocean transport services and other shipping business

- For LR1 product tankers

Background
MOL establish two joint venture companies with OSC providing ocean transport services by very large crude carriers (VLCCs) and LR1 product tankers respectively and also cooperate with The Government of Sultanate of Oman for the promotion of shipping industry in The Sultanate of Oman, including but not limited to promoting VLCCs and LR1 product tanker as one of the Oman's oil market's preferred transport method..
In 2008, the new companies plan to operate one new building VLCC and one new building LR1 respectively.
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.