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Mitsui O.S.K. Lines, Ltd. Announces Revision of FY2009 Outlook

March 31, 2010

TOKYO - Mitsui O.S.K. Lines, Ltd. (the Company; President: Akimitsu Ashida) today announced a revision of its consolidated business outlook for FY2009, ending March 31, 2010 (April 1, 2009 - March 31, 2010), announced on January 29, 2010, as follows:

Revisions to the consolidated business outlook for the FY2009 (April 1, 2009 to March 31, 2010)

Reasons for revision of outlook

The dry bulker market in general remained steadier than the Company's assumption while the Cape-size market fluctuated widely. The tanker market moved gradually towards recovery as demand for crude oil improved and withdrawal of single-hull VLCCs began. Automobile seaborne trade is on the rise in step with global economic recovery. And the containership cargo trade is increasing and freight rates are progressing toward recovery. As a result of these factors, the Company made an upward revision of its earlier announced consolidated business outlook for FY2009.

Forward looking statement
Future outlooks such as plans and strategies related to matters other than the past and present facts in this press release contain potential risks and uncertainties, and are not guaranteed. These outlooks are issued by the Company according to currently available information. Please realize that actual achievement may be significantly different from these outlooks, due to various factors such as future economic trends, market demand, exchange rates, bunker prices, other economic, social, and political situations, and various contingencies.