FOR IMMEDIATE RELEASE

(January 20, 2006)

Marshall Islands Growth Continues in Tonnage and Worldwide Offices.

International Registries, Inc. (IRI), the Maritime and Corporate Administrator of the Marshall Islands exceeded its year-end goal by reaching 31.1 million gross tons and 1100 registered vessels at the end of the fourth quarter of 2005. In furtherance of the Marshall Islands Registry’s (the Registry) expansion efforts in Asia, an office just opened in the Zhongshan District of Dalian. The new Dalian office will provide both maritime and corporate services with support from the regional head office in Hong Kong.

Mr. Sheng Guo Fang has been appointed as General Manager of IRI Business Consulting Shanghai Co., Ltd. Dalian Branch. Mr. Fang was formerly employed with one of the largest shipyards in Dalian where he served as Chief Engineer and then as Vice President. Under Mr. Fang’s direction, newbuilding deliveries doubled at the shipyard.

“IRI opened the Dalian office because the city has a strong maritime industry and we are expecting the shipping sector to grow significantly in the years to come. Shipowners in the north of China will now be able to register their vessels at any time through the Dalian office as we are able to process their applications around-the-clock through our global network,” said Annie Ng, Managing Director, International Registries (Far East) Ltd., from the regional head office in Hong Kong.

One of the goals of IRI, in terms of decentralization, has been to provide clients with access to the Registry in their local jurisdiction and time zone. Recently, the Registry broke new ground when a Marshall Islands registered vessel was bareboat chartered out to the People’s Republic of China (PRC) Registry. This bareboat charter mechanism provides greater financial and operational flexibility to the maritime community.

“Now, with an additional office in the PRC, the Registry is able to work more closely with Chinese shipowners and operators to expeditiously service the needs of this market,” continued Ms. Ng.