FOR IMMEDIATE RELEASE

(18 April 2007) Tokyo

International Registries, Inc. (IRI), the Maritime and Corporate Administrator of the Republic of the Marshall Islands announced that its fleet broke through the 36 million gross ton mark with more than 1,440 vessels.

“We are pleased to have broken through another milestone and are excited by the newbuilding tonnage entering the Marshall Islands Registry over the next three years. The Registry has also been advancing its efforts in the LNG sector and is happy to report that more than 25% of the 2008 LNG newbuilding tonnage is slated for the Marshall Islands,” stated Bill Gallagher, President of IRI speaking in Tokyo.

“Japanese shipowners are at the forefront of the maritime business both in terms of ownership and shipbuilding. The Marshall Islands Registry has the expertise and knowledge to work with owners involved in all segments of our industry,” he added.

IRI will be expanding its Tokyo office in the near future to better assist the growing demand from this region. In addition, Captain Hideaki Mizutani, who was appointed Marshall Islands Special Agent in 2006, has been instrumental in assisting with vessel inspections in the Imabari Region in southern Japan, particularly the LNG sector.

“Imabari is a world renowned centre for shipowners. Over the past year, Captain Mizutani has been enhancing the Registry’s services that are available from this region. We can provide our customers with on-the-spot service without having to travel to Tokyo,” said Captain Yasushi Higuma, Deputy Commissioner of Maritime Affairs, International Registries (Far East) Limited Japan Branch.

“This appointment is in line with the Registry’s decentralization strategy. IRI prides itself on continuing to provide service after the registration takes place. Being closer to our customers and business partners in major shipping and commercial centres around the world ensures this service,” concluded Ms. Ng, Managing Director, International Registries (Far East) Limited.