FOR IMMEDIATE RELEASE

(June 17, 2004)

As of today, June 17, 2004, International Registries, Inc. (IRI), the Maritime Administrator of the Marshall Islands, is pleased to announce that 98 percent of the Marshall Islands flag ships to which the International Ship and Port Facility Security (ISPS) Code is applicable have received approval for their Ship Security Plans (SSPs). With the high rate of approved SSPs, the Marshall Islands fleet is now approaching 100 percent compliance with the ISPS Code and the issuance of International Ship Security Certificates (ISSCs).

“We will be successful in meeting the ISPS Code enforcement date of July 1, 2004 because we made good use of the time available to ensure that our fleet fulfilled its obligations,” states Bill Gallagher, IRI President. “We made an early start in developing the necessary management systems, in communicating relevant requirements to our shipowners, ship managers, masters and Recognized Security Organizations (RSOs), and in having technical assistance arrangements in place. We started planning for the ISPS Code implementation the week after the conclusion of the Diplomatic Conference that developed the Code,” he continued.

The Marshall Islands made a conscious decision in 2003 to authorize those IACS members who met the Marshall Islands’ strict security criteria to be approved as RSOs and to approve SSPs on behalf of the Administration. This procedure has allowed owners to submit their SSPs directly to the RSOs and hence avoid the duplication of approval by flag and approval by the RSOs (who will not issue the ISSC without reviewing the plan). This has resulted in a reduction of costs and bureaucracy for shipowners and avoidance of bottlenecks as the approval work has been spread over a number of RSOs.

In 2003 IRI organized a series of seminars, in London, Hamburg, Piraeus, New York, Chile, Singapore and Hong Kong, at which panels of top experts provided regional shipowners with specific information on how the ISPS Code was to be implemented, including implementation by the US Coast Guard and the European Union. Specific Marshall Islands requirements were explained as well.

In addition, IRI organized several meetings for its appointed RSOs to provide relevant RSO guidance and answer questions that had arisen as a result of experience with ISPS Code implementation and its associated plan approval processes. These efforts were complemented by the issuance of timely Marshall Islands Marine Safety Advisories alerting stakeholders to relevant requirements. Thereafter, IRI has liaised closely, through regular phone calls, e-mails and visits, with the various stakeholders to make sure that proper implementation of the ISPS Code requirements for the full fleet remained firmly on schedule. “Implementation has been monitored on a daily basis,” says Gallagher.

“Although the Code is not going to be a miracle cure for the terrorist threat, if properly implemented, it will reduce the opportunities available to those who seek to attack ships or use them for their own nefarious purposes, whether they be pirates or terrorists,” adds Bill Gallagher. “A strong commitment to the Code by all the participants will also yield unexpected safety benefits. The challenge now, for the maritime industry in general, is to make sure the ISPS Code is implemented properly and in the right spirit so that it becomes a central element of shipping’s safety and security culture.”