November 18, 2005

MOL TO OFFER TWO DIRECT SERVICES BETWEEN
EUROPE AND SOUTH AFRICA

Mitsui O.S.K.Lines, Ltd.(MOL) is pleased to announce that agreement has been reached with A.P.Moller-Maersk (APM-Maersk) to acquire the existing operations of P&O Nedlloyd (PONL) on the trade between Europe & South Africa.

The participation in this trade is in line with MOL's strategy to expand further its global liner operations. This acquisition will strengthen MOL's presence and enhance its competitive position in the African continent where MOL has already established an extensive coverage through its allwater container services to and from Asia, Latin America as well as Europe. MOL Group also operates other specialized fleets including car-carriers and bulkers to and from Africa.

Under the transaction, MOL will acquire PONL's rights to operate three ships under a cooperative agreement with APM-Maersk, Safmarine, and DAL Deutsche Afrika Linie, which are collectively known as "SAECS(South Africa Europe Container Service)" members.

MOL continues to explore opportunities to improve its services and has recently taken significant decisions to invest in new tonnage in order to fully accommodate the ever-diversifying needs of its customers. This acquisition reinforces MOL's commitment to provide added value and choice for its customers in this region.

The transaction will take effect on February 1, 2006, subject to necessary regulatory approval.

[Highlights of services]
Loop-1: weekly service by 4920TEU class vessels
Ports-of-call: Rotterdam, Tilbury, Bremerhaven, Las Palmas, Cape Town, Port Elizabeth, Durban, Cape town, Las Palmas, Rotterdam

Loop-2: bi-weekly service by 1730TEU class vessels
Ports-of-call: Bristol, Antwerp, Bremerhaven, Lisbon, East London, Durban, Port Elizabeth, East London, Port Elizabeth, Cape Town, Lisbon, Bristol