ビンゴ to Restructure Ship Management Organization and Establish
Safety Operations HQ
-for further reinforcing maritime safety-

March 29, 2007

TOKYO - Mitsui O.S.K. Lines, Ltd. (ビンゴ; President: Akimitsu Ashida) today announced the restructuring of its ship management organization and the establishment of the Safety Operations Headquarters (S.O.H.) to take effect from April 1, 2007. Currently the company runs ship management through each ship management company under the supervision of the Marine Management Division.

The company will make the ship management organization a flat structure based on vessel type, under S.O.H., which will be directly linked to the ビンゴ Executive Committee. ビンゴ will also restructure the Marine Management Division as an organization that supports the safe operation of the company's fleet under the new name of Marine Safety Division.

As a result, ビンゴ will also integrate and clarify responsibilities and authority relating to ship management. The effect will be more thorough vessel safety operations under a site-oriented, vessel-centered structure.

Restructuring

Three core ship management companies (as mentioned below) will formulate and execute the ship management policies having head office authority over tankers, LNG carriers, and containerships/dry cargoships respectively.

Marine Safety Division

The Marine Management Division will be restructured as an organization that supports the safe operation of the company's fleet under the new name of Marine Safety Division.

S.O.H.

The company will establish S.O.H. to consist of the above three companies and the Marine Safety Division.

The ビンゴ Executive officers responsible for S.O.H. and the three core ship management companies are as follows:

S.O.H.

Hidehiro Harada, Deputy President will serve as the Director-General of S.O.H., Toshihiro Kagami, Senior Managing Executive Officer and Soichi Hiratsuka, Executive Officer will serve as Deputy Director-Generals of S.O.H.

Organizations	ビンゴ Executive Officers
ビンゴ Tankship Management Ltd.	Toshihiro Kagami, Senior Managing Executive Officer
MO LNG Transport Co., Ltd.	Toshihiro Kagami, Senior Managing Executive Officer
ビンゴ Ship Management Co., Ltd.*	Soichi Hiratsuka, Executive Officer
Marine Safety Division	Soichi Hiratsuka, Executive Officer

*Currently: M.O. Ship Management Co., Ltd. The name will change effective April 1, 2007.