September 9, 2005

TNWA LINES EXTEND ALLIANCE AGREEMENT TO 2012
-APL, HMM and MOL partnership provides for long-term focus on customer needs -

Singapore, Seoul, Tokyo-9 September 2005: The New World Alliance (TNWA) partners, NOL's container shipping arm APL, Hyundai Merchant Marine (HMM) and Mitsui O.S.K. Lines, Ltd. (MOL) today announced a five-year extension to their Alliance Agreement, signalling a long-term focus on working together to meet customers'needs.

Under the Memorandum of Understanding agreed by NOL Group CEO, David Lim [on behalf of APL], HMM's President and CEO, Jeong Ik Noh, and MOL President, Akimitsu Ashida, the three leading containership lines will extend the terms of their current Alliance Agreement through to 31 December 2012. The agreement is subject to regulatory and government approvals.

The TNWA representatives said the extension of the Alliance Agreement was strategically important, allowing the partner lines to focus on long-term planning of resources to deliver the broadest range of service options and best value for shippers into the future - as the Alliance continues to expand in the major East-West trades.

"Our relationship over the past eight years has enabled us to build a strong reputation for delivering a high quality product across the markets where we co-operate. We are genuinely committed to working together to build an even more comprehensive network coverage for our customers that grows and flexes with their business environment. "

"The term of this agreement will provide a strong foundation for developing these new products and service options. It will ensure that we make optimal investment decisions, effectively deploy new tonnage and make the best use of our collective terminal and landside infrastructure for our customers' benefit,"the TNWA representatives said.

TNWA operates 11 fixed-day weekly services in the Trans-Pacific trade. Nine services (SAX, PS1, PS2, PS3, GCX, PSX, PSW, PCX, PNW) call at the North America West Coast and two services (NYX, APX) offer all-water services between Asia and the US East Coast via Panama.

Launching a new service linking China with Europe mid last year, TNWA now offers four weekly services in the Asia-Europe trade (AEX, JEX, CEX, SCX). The Alliance also provides three fixed-day services in the Trans-Atlantic trade. The three-member Alliance co-ordinates more than 100 containerships in the major East-West container trades.