FOR IMMEDIATE RELEASE

(SEPTEMBER 26, 2006)

Marshall Islands Continues Growth in Asian Market

The Marshall Islands Registry has reported a significant increase in Asian-owned vessels joining the Registry over the past year. As a result of this growth, expansion in Asia continues.

International Registries, Inc. (IRI) and its affiliates, the Maritime and Corporate Administrator of the Marshall Islands, surpassed the 34 million gross ton mark before the end of the 3rd quarter of 2006. Recent registrations from Japan, Singapore and Korea contributed to this increase in tonnage.

“We put down the foundations during the last three years by building a network of offices in major maritime and commercial centers in Asia and now, that investment is paying off. Asian shipowners are responding positively to the service provided by the local offices throughout the region and taking advantage of the quick and efficient registration process available to them,” said Bill Gallagher, President of IRI.

“There is a strong demand in Asia for the quality services offered by the Marshall Islands. Owners are interested in working with a Registry that can assist them with meeting their business objectives,” said Annie Ng, Managing Director, International Registries (Far East) Ltd.

The Registry is in the process of expanding its office in Singapore to accommodate more personnel and has recently added a point of contact in the Imabari Region in Southern Japan to assist with vessel inspections, particularly the LNG sector. “By providing additional resources in key areas in Asia, the Registry is better positioned to not only meet the growing demands in terms of vessel registrations, but to also provide support and advice to owners and operators on a local basis,” continued Ms. Ng.