MOL Resigs from WTSA & CWTSA

MOL will resign from the Westbound Transpacific Stabilization Agreement (WTSA), and the Canada Westbound Transpacific Stabilization Agreement (CWTSA), effective June 12, 2005. “After a very careful analysis of the facts, we have concluded that the interests of MOL and our customers will be better served if MOL conducts its business outside the WTSA and CWTSA,” stated Hiroyuki Sato, CEO of MOL’s Liner Division. MOL has been a member of WTSA/CWTSA since it was formed. MOL is committed to continually improving its service quality, while providing customers with maximum value for their transportation dollar. Sato explained that “in today’s fast changing world, we believe we can best accomplish these goals by having greater flexibility to manage our transportation network commensurate with our customers’ needs, as well as our own, to maximize customer satisfaction and meet our financial objectives.”