FOR IMMEDIATE RELEASE

(July 13, 2006)

Milestone in Asia for the Marshall Islands as MOL Vessel Joins Fleet

Mitsui OSK Line (MOL) became the first major ship owner in Japan to register a vessel with the Marshall Islands Maritime Registry, marking the beginning of a new era for the flag in Asia’s largest maritime market.

The Opal Express, a 28,850 gross ton new product tanker, joined the Registry at the end of May this year and was built at the Iwagi Zosen shipyard in Japan.

“We are very pleased that MOL decided on the Marshall Islands Maritime Registry and we view the new vessel registration as an endorsement of our service focused strategy for the ship owning community in Japan and around the world,” said Bill Gallagher, President of International Registries, Inc., the Maritime and Corporate Administrator of the Marshall Islands flag.

“Captain Yasushi Higuma, Marshall Islands Deputy Commissioner of Maritime Affairs in Japan, is leading the drive to expand our presence in the maritime community and this vessel joining the Registry is indicative of the growing demand for our efficient and reliable services in this market,” said Ms. Annie Ng, Managing Director of International Registries (FE) Ltd. (IRFE).

In June 2005, IRFE opened a new office in the Nishi-Shinbashi district of Tokyo. “Our office is offering full vessel registration and electronic mortgage recordation services locally here in Japan. This will save owners in the typical transactional costs associated with overseas registrations,” said Captain Higuma.

The Marshall Islands is currently ranked as the fifth largest registry in the world with 1250 vessels and 33.5 million gross tons of shipping.