FOR IMMEDIATE RELEASE

(NOVEMBER 17, 2005)

IRI’s Tokyo Office is Full Service.

International Registries, Inc. (IRI), the Maritime and Corporate Administrator of the Republic of the Marshall Islands, opened International Registries (Far East) Limited Japan Branch office in early June 2005. The office, which is situated in the Nishi-Shinbashi district of Tokyo, is conveniently located close to the headquarters of many leading shipping companies. Captain Yasushi Higuma, Deputy Commissioner of Maritime Affairs, who is responsible for the overall administration of the Tokyo office, said the response from shipowners to the new office has been very positive especially since the office is now full service, capable of assisting clients with vessel registration, mortgage recordation and corporate formations.

“Shipowners can conveniently register ships or record mortgages in a matter of minutes via our wide area network (WAN) which means saving time and expense for our customers. They appreciate the convenience and professional service we offer,” said Captain Higuma.

“By ensuring that the Tokyo office is full service, we are demonstrating our commitment to shipowners in Japan. We are sure that our competitive pricing, professional service and global network of offices will prove to be attractive for Japan’s shipowning community,” added Bill Gallagher, President of IRI.

The Marshall Islands Registry is now the fifth largest open registry in the world, having exceeded the 2005 year-end goal of 30 million gross tons. The Registry now has 30.8 million gross tons and 1,063 registered vessels.

IRI is continuing to expand its network of offices throughout Asia by opening an office in Dalian later this year. IRI’s worldwide staff of over 100 employees includes experts covering the full range of flag state maritime responsibilities, from ship safety, security and accident investigation to radio licensing, crew qualifications and licensing, crew identity books and documentation, and safety and security inspections.