FOR IMMEDIATE RELEASE

(December 02, 2005)

IRI Appoints Technical Marine Manager to Support Shipowners in Asia.

International Registries, Inc. (IRI), the Maritime and Corporate Administrator of the Marshall Islands, as part of its quality initiative to support shipowners, has appointed Captain Greg Copley as Technical Marine Manager and Deputy Commissioner of Maritime Affairs for Asia.

Based in the International Registries (Far East) Ltd. (IRFE) regional head office in Hong Kong, Captain Copley will oversee a range of quality programs including vessel inspections and surveys. He will also be involved in safety issues and seafarer training throughout the region working closely with shipowners, ship managers and classification societies.

“Captain Copley’s extensive experience in the maritime industry and his broad knowledge of ship management and operations will provide our owners with excellent support in the Asian region. This appointment is part of IRI’s ongoing quality initiative program, where advice and technical assistance is provided to owners and operators of Marshall Islands registered vessels,” said Annie Ng, Managing Director of IRFE.

“At a time when safety and security are critical issues to shipowners and Port State Control jurisdictions, it is imperative that flag states are providing support and advice to ensure compliance, while understanding the commercial realities of ship operations,” continued Captain Copley.

IRI is further expanding its network of offices throughout Asia by opening an office in Dalian later this year. IRI added Shanghai and Singapore to its Asian network in the last two years.

At the end of November 2005 the Marshall Islands Maritime Registry had grown to 31.1 million gross tons with 1080 registered vessels.

The Marshall Islands is a member of the International Maritime Organization (IMO) and maintains a currency of knowledge, application and interpretation of the international conventions and activities within the IMO. With an assigned permanent representative to the IMO, the Marshall Islands participates in all of the major committee and subcommittee meetings. This representation enables the Marshall Islands to provide timely information to shipowners and operators concerning the safety and security of their vessels.