March 28, 2013
To whom it may concern:
JX Tanker Co., Ltd.
Announcement relating to the Signing ofMerger Agreement
between JX Shipping Co., Ltd. and JX Tanker Co., Ltd.
We, JX Shipping Co., Ltd. ("JX Shipping" : Head Office: 15-1, Akasaka, 4-chome, Minato-ku, Tokyo :President: Masao Miyakawa) and JX Tanker Co., Ltd. ("JX Tanker" : Head Office: 1-8 Sakuragi-cho
1-chome, Naka-ku, Yokohama : President : Satoru Katogi), signed a Memorandum of Merger Agreementon November 2, 2012 and then have been discussing on the merger.
We are pleased to announce that on this March 28, 2013 , we duly signed a Merger Agreement whichcomes into effect on July 1, 2013 (scheduled).
1.

The purpose of Merger :The new merged company will combine both company’s accumulated management resources andestablish the strengthened business foundation in the future business.
By means of such merger, the new company will realize more stable and efficient marinetransportation and improve the company’s value.

2. Date of Merger :July 1, 2013 (scheduled)

3. Method of Merger :(1) Type of Merger
JX Tanker, as the surviving company, will absorb JX Shipping, adopting the method ofabsorption-type merger.
(2) Merger Ratio

Merger Ratio

JX Tanker

JX Shipping(Surviving Company)(Dissolving Company)

10.05(Note) 0.05 shares of JX Tanker shall be allotted to 1.00 share of JX Shipping.
4. New Status after Merger :1) Company Name

: JX Ocean Co., Ltd.

2) Head Office: 15-1, Akasaka 4-chome, Minato-ku, Tokyo

3) Representatives: Representative Director, Chairman of the board
Satoru Katogi (Currently, President of JX Tanker)
Representative Director, President
Masao Miyakawa (Currently, President of JX Shipping)4) Capital: 4.0 billion yen

5) Major Shareholder : JX Nippon Oil & Energy Corporation
6) Business: International and Domestic marine transport services of crude oil andInternational marine transport services of LP gas, petroleum products anddry-bulk7) Fleet: 63 vessels*8) Employees: 387 ** all in all of both Companies, as of March 31, 2013
[Attachment] : Corporate Profiles of JX Shipping and JX Tanker[Contact Information for inquiries]
JX Shipping : General Administration& Personnel Dept.
Mr. Masafumi Nabekura
JX Tanker

Tel + 81-3-6441-0200: General Administration Dept.

Mr. Ryuich Yoshida

Tel +81-45-683-2626

* Attachment
Corporate Profile : JX Shipping and JX Tanker(1)Company NameJX Shipping Co., Ltd.

JX Tanker Co., Ltd.

[established on April 1, 2012 merged by [changed its company name on April 1,
Nissho Shipping and Yuyo SS]
2011 from Nippon Oil Tanker Corp.]

(2)

(3)

15-1, Akasaka 4-chome,

1-8, Sakuragi-cho, 1-chome

Minato-ku, Tokyo

Naka-ku, Yokohama

Representative Director, PresidentRepresentative Director, President

Masao Miyakawa

Satoru Katogi

Head Office

Representative(4)

Established

May, 1943

July, 1951

(5)

Capital4.0 Billion Yen

4.0 Billion Yen

Major Shareholders

JX Nippon Oil & Energy Corporation

JX Nippon Oil & Energy Corporation(59.15%)(100%)and their shareholdings

JX Tanker Co., Ltd. (7.18%)(at the end of Dec., 2012)(6)

Net Sales (consolidated)(7)(estimated,
at the end of Mar., 2012)33.7 Billion Yen*all in both Nissho and Yuyo

16.9 Billion Yen

International and Domestic marinetransport services of crude oil(8)Business

International marine transport
services of crude oil, LP gas,petroleum products and dry-bulk

(9)

Fleet

54 vessels

9 vessels

171216(estimated,at the end of Mar., 2013)(10)

Number of Employees(estimated,at the end of Mar., 2013)