International Marine Transport and MOL Tankship Management Agree on Merger

MOL merges International Marine Transport Co., Ltd. and MOL Tankship Management Ltd.

2011-04-03

LONDON, ENGLAND, April 03, 2011 (Press-News.org) Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced that two of its group companies—International Marine Transport Co., Ltd. and MOL Tankship Management Ltd. - have agreed to merge effective April 1, 2011, and continue and expand their business as MOL Ocean Expert Co., Ltd. The merger plan was approved by the shareholders' meetings of both companies.

The details are as follows:

1. Outline of new company
Name: MOL Ocean Expert Co., Ltd.
Address: 2-1-1 Toranomon, Minato-ku, Tokyo
Paid-in-capital: 100 million
President: Hiroki Kasai
No. of employees: 61
Main business: Management and Assignment of Japanese seafarers

2. Objectives of merger
The merger will integrate marine officers for dry bulkships, tankers, and LPG carriers belonging to both companies under the MOL umbrella to ensure more flexibility in seafarer allocation and streamline management.

NOTES TO EDITORS:

MOL is one of the world's largest multi-modal transport companies, operating 861 vessels and employing a workforce in excess of 9,200 worldwide. MOL operates one of the largest and most diverse networks of liner and logistics services around the globe, including weekly Transpacific, Transatlantic, Americas and Asia-Europe services. Please visit the company's website at http://www.MOLpower.com.

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Kenta Matsuzaka, General Manager
Marine Safety Division, Seafarers Group
Mitsui O.S.K. Lines, Ltd.
Tel: +81-3-3587-7004 / Fax: +81-3-3587-7741
E-mail: sfgmo@mail.mol.co.jp

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International Marine Transport and MOL Tankship Management Agree on Merger

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