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MOL News Highlights for 2006

December 26, 2006

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL; President Akimitsu Ashida) today announced the company's top news stories for 2006:

Enhanced safe operation structure

  • MOL established the Emergency Committee for Enhancement of Operational Safety as an umbrella organization of the permanent Operational Safety Committee (Chairman: President Ashida) (September), addressed marine incidents that occurred since April with utmost seriousness, returned to the basics of safe operation, and formulated to reinforce safe operation structure as the company’s immediate top priority (December).

New record high in profits for FY2005 (May)

  • Consolidated financial results for FY2005 showed record high profits: Ordinary income totaled 176.5 billion yen marking a record high for three consecutive years (net income reached a record for four consecutive years.) The company paid total dividends for the fiscal year 2005 of 18 yen per share (interim: 9 yen, year-end: 9 yen).
  • The results for the first half of FY2006, ended September 30, 2006, also remained at a high level next to the previous year. The company paid an interim dividend of 9 yen per common share.

Enhanced seafarer education and employment system

  • Started manning Vietnam seafarers on board. (March)
  • The crew training center in Vladivostok started full-fledge operations (August)
  • New dormitory construction of MOL-operated Philippine crew training center was completed. (September)
  • Established MOL Training Center in India. (September)
  • Established the MOL Class at the Dalian Maritime University and merchant marine universities in Vietnam. (October)
  • Developed seafarer education and employment system at Russia’s Admiral Ushakov Maritime Sate Academy. (December)

Expanding fleet scale

  • The company decided to construct new 43 iron ore carriers since worldwide demand for iron ore transport shows prospects for a continual long-term increase (The new ships will be launched from April 2006 to mid 2010). (May)
  • Concluded construction of four VLGCs and signed long-term charter contracts for three VLGCs, since LPG production has increased on a global scale and its ocean trade is expected to grow. (October)

Expanded LNG carrier business

  • Concluded a contract for construction of new LNG carrier for India's Petronet LNG company. (February)
  • Ordered regasification LNG vessels - Established a JV with a Norwegian company. (April)

Made Utoc Corporation a consolidated subsidiary (March)

  • Announced results of tender offer for shares of Utoc, and made it consolidated subsidiary effective March 7.
    This move aims to step up MOL's cooperation and business partnership with Utoc and to increase corporate value through synergistic effects in harbor and port transport, logistics, and plant and machinery engineering.

Established subsidiary in Vietnam

  • MOL is the only Japanese company to receive government approval to establish a wholly owned subsidiary (July)
  • Upgraded container services connecting Vietnam and other Asian regions one after another (February, June, November)

Enhanced logistics business

  • Received order for ocean cargo consolidation in China from Europe's major furniture and interior product mass merchandiser IKEA Group (September)
  • Established MOL’s wholly-owned logistics subsidiary in China and enhanced Ocean Consolidation Business (OCB). (October)
  • Tied up with U.S. major logistics company Calcartage for logistics business in U.S. (November)

Results of aggressive IR activities

  • Earned listing on SRI index Dow Jones Sustainability World Indexes (DJSI) World and FTSE4Good Global Index again. (September)
  • Rating and Investment Information Inc. raises credit rating from A to A+ (December)

Enhanced development and introduction of energy-saving and environmental technologies

  • Marked 1,000 vessels equipped with PBCF since introduction in 1987. (January)
  • Acquired patent for new car carrier design that reduces wind resistance. (September)

New MOL Kakio Institute completed (December)

  • Completed construction of new facility for employees at the MOL Kakio Grounds site, with training facilities, sports fields, and clubhouse. The move will further develop training programs and promote employee intellectuality and creativity.

MOL Kids' Cruise (March)

  • Hosted a two-day MOL Kids' Cruse on the cruise ship Nippon Maru from March 25, as part of the company's CSR activities.
  • Decided to hold a second cruise (March 2007)