SERVICE ANNOUNCEMENT

26 March 2002

Launch of Japan/Korea/East Asia/South East Australia and China/Hong Kong/South East Australia Service

COSCO Container Lines, Ltd., Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines, Ltd, Nippon Yusen Kabushiki Kaisha, and P&O Swire Containers, Ltd. are pleased to announce that, in order to better meet customers’ needs and improve operating efficiency, the five lines are to slot swap between COSCON’s China/S.E. Australia Service Loop and Four Lines Consortium’s Japan/Korea/East Asia/South East Australia Service Loop.

COSCON will operate an independent China/Hong Kong/South East Australia Service Loop, while the Four Lines Consortium will operate an independent Japan/Korea/East Asia/ South East Australia Loop.

The rotation of COSCON’s China Loop is Shanghai/Huangpu/Hong Kong/Sydney/ Melbourne/Brisbane/Hong Kong/Shanghai. The rotation of Four Lines Consortium’s Loop is Yokohama/Osaka/Nagoya/ Pusan/Keelung/Hong Kong/Sydney/Melbourne/Brisbane/Yokohama.

The Slot Swap between the two parties will commence late June. However and the commencement voyage for each step is subject to further notice.

For more information, please contact:

COSCO JAPAN CO., LTD., Yutaka Takagi , General Manager, Business Dept.(TEL : 03-3501-7623)

Kawasaki Kisen Kaisha, Ltd., Yukikazu Myochin, Manager, Planning Team, Containerships Business Group (TEL: 03-3595-5309)

Mitsui O.S..K Lines, Ltd., Tomoyuki Suzuki, Duputy Manager, Liner Planning Team , Liner Divion (TEL: 03-3587-7653)

Nippon Yusen Kabushiki Kaisha, Yuuji Yamamoto, Duputy Manager, Export Sales Team (Europe/Oceania), Container Trade Business Group No.1 (TEL: 03-3284-6217)

P&O Nedlloyd(Japan) K.K., Hodeki Soeda, Supervisor, Trade Cordinator for Asia, Middle East and Oceania (TEL: 03-5764-0388)