MOL to Launch New Asia-Australia Service

Mitsui O.S.K. Lines, Ltd. (MOL; President Akimitsu Ashida) today announced a new service connecting Asia (Japan, Korea, and China) and Australia, in cooperation with Kawasaki Kisen Kaisha, Ltd. ("K" Line) and Nippon Yusen Kaisha (NYK).

The new service, restructured in response to the withdrawal of P&O Nedlloyd (PONL) from the current consortium, will consist of two weekly loops and a slot exchange with COSCO. The current three loops will be combined into two loops for greater cost effectiveness and improved coverage for customers in the growing markets of Asia and Australia.

[Features of New Service]

Commencement : February, 2006

New AU2 (Asia - Australia Service)
Operated by MOL, "K"Line, and NYK (PONL is withdrawing from the current consortium).
Two jointly-operated vessels of 2,400TEU from MOL, "K" Line, and NYK to be added to the three vessels currently in service.
Calling ports have been changed to meet changing market needs and enhance the effectiveness of the new service.

Vessels	Weekly Service by 5 x 2,400TEU class Vessels
Calling Ports (Current)	Yokohama - Nagoya - Osaka - Pusan - Keelung - Hong Kong - Shekou - Melbourne - Sydney - Brisbane - Yokohama
Calling Ports (New)	Yokohama - Nagoya - Osaka - Pusan - Shanghai - Nansha - Shekou - Hong Kong - Melbourne - Sydney - Brisbane - Yokohama

AU1 (China - Australia Service)
Operated by COSCO.
Calling ports have been changed to meet changing market needs and enhance the effectiveness of the new service.

Vessels	Weekly Service by 5 x 1,700TEU class Vessels
Calling Ports (Current)	Shanghai - Xiamen - Nansha - Hong Kong - Sydney - Melbourne - Brisbane - Hong Kong - Shanghai
Calling Ports (New)	Xiamen - Qingdao - Shanghai - Ningbo - Sydney - Melbourne - Brisbane - Hong Kong - Xiamen

AU3 (North China - Australia Service)
This loop, under joint operation by MOL, "K"Line, NYK, PONL, and COSCO, will be suspended.
(Calling Port (Current) : Xingang - Qingdao - Shanghai - Ningbo - Melbourne - Sydney- Brisbane - Xingang)