FOR IMMEDIATE RELEASE

(December 15, 2004)

The Marshall Islands Registry has more than exceeded the 23 million gross ton (gt) mark and is on track to reach 25 million gt within the first quarter of 2005. While the blue water fleet continues to increase in tonnage, the Marshall Islands Corporate Registry is also growing. Just this year another Marshall Islands Corporation went public. There are currently three publicly traded Marshall Islands Corporations on the New York Stock Exchange (NYSE) and one publicly traded Marshall Islands Corporation on the National Association of Securities Dealers Automated Quotations (Nasdaq).

“The Registry continues to reach its goals both on the maritime and corporate side of the business,” said Bill Gallagher, President of International Registries, Inc. (IRI), the Maritime and Corporate Administrators of the Marshall Islands. The primary reason for IRI’s success is the continual investment in resources and the decentralization of operations. “The Registries have been receiving more and more requests for information and registrations from Asia. The Administration responded by opening an office in Singapore and then in Shanghai during 2004,” said Gallagher.

At the behest of many shipowners, operators and corporate formations specialists, the Administration has taken the steps necessary to continue expansion efforts in the Asian region. “The Registry is engaged in the Asian market. Our permanent representative in Tokyo will be further resourced in 2005, thus expanding our operations in Japan and the Registry will continue coverage up the Chinese coast, opening its second Chinese office in Dalian,” said Mr. Gallagher. “The opening of offices and addition of human resources in Asia is indicative of IRI’s commitment to providing the best services to our clientele. We expect 2005 to be a banner year for the Marshall Islands Registries,” said Annie Ng, General Manager of International Registries (Far East) Ltd.