FOR IMMEDIATE RELEASE

(AUGUST 9, 2005)

International Registries, Inc. (IRI), the Maritime and Corporate Administrator of the Marshall Islands is pleased to announce hitting the millennium mark. With 1000 vessels and 29 million gross tons now registered, the Marshall Islands (MI) Registry has now passed another milestone in its quest for leadership among the world’s open ship registries.

The real monumental growth of the Registry can be measured from the year 2000 when IRI concentrated all its efforts solely on the Marshall Islands. Since January 2000, the Registry has more than quadrupled in the number of ships and tonnage.

This growth is not accidental but rather the result of a number of significant factors including:

1. IRI’s expansion of worldwide offices. Offices now include: Washington, DC/Reston, New York, Ft. Lauderdale, London, Piraeus, Zurich, Hong Kong, Singapore, Shanghai and Tokyo with affiliates in Hamburg, Limassol and Oslo. Services can be provided expeditiously to the international point of contact including full vessel registration, mortgage recordation and corporate formations. This expansion has included an investment in people and infrastructure creating a comprehensive network capable of delivering a unique depth of service to the MI clientele;
2. The MI delegation to the International Maritime Organization (IMO) and its hard work in the furtherance of marine safety, security and environmental protection. The delegation understands the balance which must be struck between regulation and commercial reality and takes its flag state responsibilities seriously. For example, at the recent Marine Environment Protection Committee (MEPC) 53 meeting, the MI delegation submitted a paper which was accepted, allowing for minor modifications in the aftship of double sided and double hull tankers. This will allow an extension of the phase out date of the ship and enable it to carry heavy grade oil while continuing protection to the environment;
3. The ten Marshall Islands shipping corporations that are now publicly traded on the New York Stock Exchange (NYSE) and National Association of Securities Dealers Automated Quotations (NASDAQ) with more to follow. This activity is indicative of the reputation and soundness of both the Marshall Islands corporate and maritime programs; and
4. The Registry’s maintenance of an excellent Port State Control record with all the major MOUs. Recently the Registry was recognized by P.D. Thorne, Commander, US Coast Guard, who indicated that the MI had a “superior 2004 Port State Control record including over 270 distinct arrivals without a single safety or environmental IMO detention.”

“The quality owners and operators of the world are ultimately the reason for the success of the Marshall Islands Registry. My partners and I are grateful for their staunch support and confidence in our programs,” said Bill Gallagher, President of IRI. “We value the input of our owners and operators who have assisted in our efforts to continuously improve the Registry,” he continued.