Rating and Investment Information Raises Credit Rating for MOL from A to A+

December 13, 2006

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced that Rating and Investment Inforamtion, Inc. (R&I) raised its Issuer Rating on MOL by one notch from "A" to "A+", effective on December 13.The long-term debt ratings of the Company's series 6, 7 and 9 in-substance defeased bonds have been maintained at "A+".
Commercial Paper rating has been maintained at "a-1".

R&I cited three main reasons for the upgrade.

• The company is strengthening its stable revenue sources through the achievement of medium and long term contracts in the Bulkships segment.
• High levels of revenue and cash flows are expected to continue as strong demand of freight movements in areas such as China are likely to expand under the current global economic growth trend.
• Financial stability is expected to increase through high levels of retained earnings in the future.