FOR IMMEDIATE RELEASE

(MAY 11, 2005)

The Marshall Islands Maritime Registry attracted a record 1.4 million gross tons during April, the best month in the history of the Registry. This took the total gross tonnage to more than 26.5 million and expanded the fleet to 897 vessels.

Since April 30, 2004 the Marshall Islands Registry has grown by more than five million gross tons totalling 213 ships. Forecasts are for the Registry to reach 30 million gross tons in early 2006 totalling 1000 vessels. The Registry is comprised of a range of vessels including, but not limited to, bulk carriers, container ships, mobile offshore units, tankers, passenger ships and LNG carriers.

International Registries, Inc. (IRI), the Maritime and Corporate Administrator of the Marshall Islands, has been at the forefront of building a quality registry with a strong focus on safety and security. Recently, the Registry was recognized by P.D. Thorne, Commander, US Coast Guard, who stated, “your commitment to quality shipping was evident as your registry’s vessels calling on US ports compiled a superior 2004 Port State Control record, including over 270 distinct arrivals without a single safety or environmental IMO detention.”

The Registry’s continual commitment in infrastructure, resources and timely service to shipowners and operators has enabled them to ensure the Marshall Islands’ fleet is compliant with international regulations and conventions, which has been a key to this exceptional growth.

“IRI has expanded its network of offices to many of the world’s maritime and commercial centers so that the Registry can be more responsive to customers’ needs. As a global company it means that IRI can offer services 24 hours a day, covering all time zones,” said Bill Gallagher, President of IRI.

“The Registry’s exceptional growth in April is not only the result of newbuilding registrations and reflaggings to the Marshall Islands, but also a continual commitment to providing the best service to current and potential owners/operators through a network of worldwide offices and professionals from the maritime, banking and legal sectors. It is interesting to note that the Registry has a good geographical spread in that the owners are from the US, Europe and Asia,” continued Gallagher.