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<TITLE> Mitsui O.S.K. Lines, Ltd.  - Press Release </TITLE>

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<b>
New market leading VLCC Pool
</b>

<br><br>
Four large tanker owners have signed a Letter of Intent to set up 
<br>a new VLCC pool, controlling around 50 modern VLCCs
<br><br>

December 6, 2011
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Partners in the VLCC Pool will be MITSUI O.S.K. LINES, LTD. / PHOENIX TANKERS PTE. LTD., A.P. MØLLER - MÆRSK A/S (Maersk Tankers), SAMCO SHIPHOLDING PTE. LTD., and OCEAN TANKERS (PTE.) LTD., SINGAPORE - all financially strong and quality focused tanker owners.
<br><br>
The Partners are in detailed discussions and the VLCC Pool is expected to become operational from 1 February 2012 with offices in Singapore, Copenhagen and New York.
<br><br>
The VLCC Pool will operate a combined fleet of around 50 quality VLCCs by the end of 2012 with an average age of only 3 years. The flexibility of a large, young and reliable fleet ensures that the VLCC Pool can, at all times, offer relevant vessels of the highest standard to cater for our customers' need for safe and environmentally friendly marine transportation.
<br><br>
Until the Pool become operational each owner will continue their own operation.





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<br><a href="http://www.mol.co.jp" target="_blank">Mitsui O.S.K. Lines, Ltd. press release</a>


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