MOL's Standard & Poor's Credit Rating Raised from BBB to BBB+

August 29, 2007

TOKYO, JAPAN - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced that Standard & Poor's raised its long-term corporate rating on Mitsui O.S.K. Lines, Ltd. by one notch from "BBB" to "BBB+," effective August 27.

S&P cited following reasons for the upgrade.

• Improvement in cash flow stability through efforts to expand sources of stable income and moves to increase the number of long-term contracts, mainly in Dry Bulk and Tanker segments.
• The policy of intensively focusing management resources on the shipping business is expected to further strengthen the company's business franchise as it plans to start using new, highly-cost-competitive vessels, which were ordered before rises in ship construction costs.
• Given the prospects of solid business performance in the near term, the ratio of net debt to total capitalization (after marking adjustments for leases) is expected to remain on a stable, improving trend.