Mitsui O.S.K. Lines, Ltd. (MOL), Sinotrans Launch Joint Venture to Transport Completed Cars in China

Tokyo, Japan, Mar. 23, 2004 - (JCN Newswire) - Mitsui O.S.K. Lines, Ltd.
(MOL; President: Kunio Suzuki) today announced the establishment of a
joint venture with Sinotrans, Ltd. to transport completed cars in China.
The new company, Sinotrans-MOL Shipping Co., Ltd., is based in
Guangzhou.

Company Profile


Name:                     SINOTRANS-MOL Shipping Co., Ltd. 
Location:                 Guangzhou city, Guangdong Province, China 
Paid-in-capital:          US$8 million 
Ownership:                MOL 49%, Sinotrans 51% 
Directors:                Chairman - Wang Chunlin (Assistant to
President of 
                           Sinotrans, Ltd.)
                          Vice Chairman - Setsuyasu Hagiwara (MOL
Managing
                           Executive Officer) 
Number of employees:      15 (planned) 
Foundation date:          April 2004 (date to acquire business license) 

Objectives and future approaches
The Chinese automobile market showed drastic growth in 2003, exceeding
4.5 millions units. MOL expects China to emerge as an automobile
exporter in the near future, while foreign automakers require pure car
carriers (PCCs) to transport completed cars. To meet these needs, MOL
decided to establish a joint venture with Sinotrans to transport
complete cars in China. The establishment of Sinotrans-MOL Shipping will
allow the deployment of top-quality auto-related logistics services in a
broader area of China.

Sinotrans Group offers inland transport services, and MOL has nearly
four decades of extensive know how on global transport of completed
cars, making this an ideal joint-venture combination. The new JV company
will develop weekly service in northern, eastern, and southern China by
launching two small-size pure car carriers with capacities of 600-700
units this fall.


About Mitsui O.S.K Lines Limited

Mitsui O.S.K. Lines, Ltd. was founded in 1964 by a merger
that joined Mitsui Steamship Company with OSK Line and as such can claim
a pedigree stretching back more than a century to the origins of
Japanese shipping. It is an operator of shipping with a fleet including
containerships, tankers and specialised carriers for a range of products
and commodities; real estate and resort development; airship leasing,
consulting, computer services and cruise ship operation. Overseas
transportation accounted for 80% of fis 2001 revenues; warehousing, 6%;
port-harbor transportation., 5%; ferry operations, 4% and other, 5%.For
further information, please visit the Mitsui O.S.K Lines Limited home
page at: www.mol.co.jp/menu-e.shtml <http://www.mol.co.jp/menu-e.shtml>