<News Release>

September 18th, 2002

MOL Logistics Starts Cargo Consolidation Services
and its new Internet cargo management system

TOKYO - MOL Logistics (Japan) Co., Ltd.[MLG] today announced plans to start a cargo consolidation service in the trades between Asia and the United States. The move is aimed at more effectively meeting customers' logistics needs and is an integral part of the MOL Group action plans set out in the MOL next mid-term strategic plan. The new service will commence in October.

The cargo consolidation service offers comprehensive logistics arrangements from the point of origin to the final destination, backed by MOL's own network services, ensuring a more sophisticated flow of logistics information. As part of this new initiative, MLG will expand its capabilities to meeting increasing demand for advanced logistics services linking Asia and the United States.

In preparation for the new service, MOL Logistics (H.K.) Ltd. will integrate the functions and operations of the cargo consolidation service of MCS, Ltd., the MOL Group current consolidator. It will also provide dedicated staff in its Ocean Forwarding Division to enhance its capacity to meet a range of logistics needs.

In the United States, MOL Logistics (USA) will assign its Corporate Sales Offices as the centralized management unit for the new service, and provide dedicated staff in major offices such as New York and Los Angeles. In addition, all 13 MOL Logistics offices throughout the United States will function as the primary contact for sales and customer service for this new service.

MLG will enhance its networking service by adding the Starlink system throughout the United States and at 18 offices in 11 countries in Asia. Starlink offers precise purchase order and cargo tracking functions over the Internet. StarNet, a wholly owned subsidiary of MOL, developed it.

MLG can easily customize Starlink to meet a range of customer needs. MLG will continue to expand its service network to meet ongoing needs for more sophisticated logistics services.

* For more information, please contact:

Koichi Washizu,
Manager, Planning & Marketing Dept.
MOL Logistics (Japan) Co., Ltd.
TEL: +81-3-5295-1505

* Contacts for Service;

MOL Logistics (H.K.) Ltd.
5/F., Ever Gain No.3 Building, 22 On Sum Street, N.T. H.K.
Contact: Kenny Wong
TEL: +852-2645-5651

MOL Logistics (USA) Inc.
4 Expressway Plaza, Suite 120, Roslyn Heights, NY 11577-2934, U.S.A.
Contact: Nicholas Pappas
TEL: + 1-516-626-6040