Vessel Sharing Agreement between Maersk Line and MISC Berhad in the South East Asia - New Zealand trade

14 April 2008

We are pleased to announce that Maersk Line has entered a Vessel Sharing Agreement (VSA) with MISC Berhad in the South East Asia – New Zealand trade.

The agreement will take effect 9 June 2008 and the service will deploy four 4,100 TEU vessels. Maersk Line will operate three of the vessels and MISC Berhad will operate the fourth.

The service remains unchanged to the product Maersk Line offers today and it provides our customers with a fixed weekly service with the following port rotation: Tanjung Pelepas (Malaysia), Singapore, Brisbane (Australia), Auckland (New Zealand), Port Chalmers (New Zealand), and Tanjung Pelepas (Malaysia).

Our customers will continue to benefit from the fastest south bound connection into the New Zealand market with connection to our extensive feeder network connecting via Auckland and Port Chalmers. The north bound leg will continue to offer the fastest service from New Zealand and ensure optimal conditions for the exporting community.

The above changes are a reflection of the presently unsustainable trading conditions in the South East Asia – New Zealand market.

Maersk Line will continue to offer a stable and reliable service to our customers – with the foundation being a reasonable return on investments. This can only be achieved by optimising the utilisation of our assets and through recognition in the market of the sharply increased operational cost, which presently does not allow for an acceptable return.

Through open dialogue, Maersk Line will continue to engage customers in determining the optimal service product in terms of cost, scope, size, and quality.

The VSA expresses our commitment to the New Zealand market and our aim to provide an efficient and reliable service, which will support New Zealand’s position in the global market place.