FOR IMMEDIATE RELEASE

(August 22, 2003)

MARSHALL ISLANDS PROVIDES LATEST INFORMATION ON ISPS CODE IMPLEMENTATION TO SHIPOWNERS IN EUROPE

The Marshall Islands Maritime Administration will be conducting three seminars designed to provide up-to-date information to shipowners concerning the requirements of the International Ship and Port Facility Security (ISPS) Code. Included in the seminars will be additional information about United States and European Union requirements. The presentations will take place at all day seminars in London, Hamburg and Piraeus.

The moderated panel presentation will be comprised of Rear Admiral Robert North, US Coast Guard (Ret.); Dan Sheehan, former Director of Information and Technology for the US Coast Guard; and Captain Thomas F. Heinan, Senior Vice President Maritime Operations Department for the Marshall Islands Administration. Joining the panel in London will be Captain Frank Sturm, Commanding Officer US Coast Guard Activities, Europe and Alan Cubbin, Chairman of the Committee on Port State Control for the Paris Memorandum of Understanding. Alan Cubbin will also be joining the team in Hamburg and Frank Wall, Head of Shipping Policy for the Department of Transport, UK will be joining the team in Piraeus.

"Shipowners are turning out in force in the three countries, for there is generally a lack of hard information about the requirements of implementing the ISPS Code, and we are fielding an authoritative team," said John Ramage, Managing Director of International Registries (UK) Ltd., in announcing the seminars today.

Bill Gallagher, President of International Registries, Inc., the Maritime and Corporate Administrators of the Marshall Islands, will be addressing the audience and introducing the expert panel.

The presentations will take place in London at the Thistle Tower Hotel on 3 September, in Hamburg at the Kempinski Hotel Atlantic on 5 September, and in Piraeus at the Piraeus Marine Club on 9 September.