MOL Establishes Ship Management Company in Philippines

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced that its joint venture company in the Philippines, Magsaysay Mitsui O.S.K. Marine, Inc.^*, has reorganized its ship management division and established a new ship management company called MAGMOL Ship Management Inc.

On December 7, an opening ceremony was held in Manila, where the new company is based, and MOL President Ashida attended the ceremony.

Through Magsaysay Mitsui O.S.K. Marine and MAGMOL Ship Management, MOL strives to further enhance know-how in marine technology and ensure safe operation, in line with the MOL Group's corporate principles. The Philippines is the main seafarer supply nation for the world's merchant fleet.

* Magsaysay Mitsui O.S.K. Marine, Inc. is a Philippine seafarer manning company established in March 1997 as a joint venture between MOL and Manila-based Magsaysay Maritime Corporation.

Profile of new company

Name:

MAGMOL Ship Management, Inc.

Location:

Manila (Philippines)

Business:

Ship management

Start of operation:

December 1, 2009