Incident Update: Iron Ore Carrier Giant Step

October 13, 2006

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today reported that two more crew members of the MOL-operated iron ore carrier Giant Step, which went aground offshore Kashima Port in Ibaraki Prefecture, were found at sea, and confirmed dead yesterday. The confirmed death toll is now at eight, and the company continues to search for two missing crew members. A total of 16 crew members were rescued, and two of them are in the hospital.

Yesterday, the swell finally subsided so the company worked to prevent oil spills from the fuel tank and conducted underwater inspection by divers with the intent of extracting the remaining oil. MOL will start full-scale oil removal work if weather and hydrographic conditions permit.

MOL expresses its deepest sorrow at the loss of the crew members and heartfelt sympathy to the bereaved families.