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MOL Names President of Mitsui

Maritime Activity Reports, Inc.

February 4, 2002

MOL, Ltd. has appointed Paul Carlton as president of the company’s western hemisphere bulk agency, Mitsui O.S.K. Bulk Shipping (USA) Inc. As president, Carlton is responsible for the management of MOL’s car carrier, Ro/Ro, tanker and bulk cargo sectors operating throughout the Caribbean, North, Central and South America. Mr. Carlton resides at Mitsui O.S.K. Bulk Shipping (USA) corporate headquarters located in Jersey City, NJ.

The appointment of Carlton to the helm of MOL’s western hemisphere bulk operation is consistent with the company’s overall global business strategy. Carlton brings 22 years of bulk shipping experience to Mitsui O.S.K. Bulk Shipping (USA). For the past nine years, Carlton was stationed in Japan. Before joining MOL, he served as executive vice president of the Asia Pacific Region and deputy head to the president for Wallenius Wilhelmsen Lines Asia based in Tokyo, Japan. In addition to his last position with Wallenius Wilhlmsen Lines, he also served as president of Wallenius Wilhelmsen Far East Co. Ltd. and in various positions with Wilhelmsen Lines, including president of the Wilhelmsen Lines Asia Pacific Region, as well as president, vice president and representative director for Wilhelmsen Lines Japan Co. Ltd. Before moving to Japan, Carlton served in various positions with Wilhelmsen Lines and Barber Blue Sea.

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