MOL to Start Independent LR1 Product Tanker Operation

Released on: March 13, 2008, 8:56 am

Press Release Author: Image Line Communications

Industry: Transportation & Logistics

Press Release Summary: LONDON, 13 March 2008 - Mitsui O.S.K. Lines, Ltd. (MOL,
President: Akimitsu Ashida) today announced that, beginning in June 2008, it will
begin independently marketing and chartering seven Large Range 1 (LR1)*1 product
tankers in the world market.

Press Release Body: MOL has participated in "The LR1 Pool*2" since December 2002,
and entrusted the pool with operation of MOL's LR1 product tankers. However, MOL
decided to withdraw from the pool in June.

"The LR1 Pool," managed by LR1 Management K/S, entrusts MOL with marketing and
chartering for Japanese and South Korean customers. This will terminate effective
March 28, with closing of the business in U.S., prior to withdrawal from the pool.

MOL will start marketing and chartering service in the worldwide market through the
MOL Tokyo office, Mitsui O.S.K. Bulk Shipping (Asia Oceania) Pte. Ltd., Singapore
office, and Mitsui O.S.K. Bulk Shipping (Europe) Ltd, London office, to flexibly
meet expanding and diversifying needs of customers around the world.

Further Details:

(*1) LR1 product tanker
Panamax-type product tanker (about 75,000 dwt). This type is used around the world
for various purposes - as a tanker to complement Large Range 2 (LR2) tankers (about
100,000 dwt) which transport naphtha from the Middle East to Asia; and for a mid-
and long-distance transport of naphtha, gasoline, gas oil, diesel oil, jet fuel, and
so on.

(*2) The LR1 Pool
Joint operator of LR1 product tankers. Pool members are Danish ship owner A/S D/S
Torm (TORM, headquartered in Copenhagen), six European shipowners, and MOL. As of
today, the fleet totals 43 vessels including MOL ships.

Web Site:

Contact Details: Sarah A. Chase
Head of PR
tel +44 (0)20 7689 9009
fax +44 (0)20 7689 8008
Image Line Communications Ltd 1A Zetland House, 5-25 Scrutton Street, London EC2A 4HJ

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