FOR IMMEDIATE RELEASE

(April 6, 2006 - Tokyo)

IRI President Calls for Multilateral Approach to Maritime Safety and Security.

“Increasing pressure on shipowners to comply with a raft of maritime safety, security and environmental issues can only be solved by a concerted multilateral effort by the whole industry,” said Bill Gallagher, President, International Registries, Inc. (IRI), the Maritime and Corporate Administrator of the Republic of the Marshall Islands.

Speaking at the Sea Japan Conference and Exhibition in Tokyo, Mr. Gallagher said that Flag States have a growing responsibility to inform and advise shipowners about the growing number of international laws, conventions and regulations.

“A Flag State’s duty to enforce applicable international laws is extremely important in terms of the liability of owners, operators and lenders. The Flag State must participate in the work of international organizations, such as the International Maritime Organization (IMO), and must disseminate any pertinent information from these organizations to shipowners,” he added.

Mr. Gallagher also noted the importance of a “well-resourced registry in terms of people, infrastructure, plant and equipment with points of contact worldwide.”

Captain Yasushi Higuma, Deputy Commissioner of Maritime Affairs and administrator of IRI’s Tokyo office, which is situated in the Nishi-Shinbashi district of Tokyo, continued the presentation by discussing the range of services his office provides; including vessel or yacht registration, mortgage recordation, formation of an international business corporation and servicing of clientele.

The Registry maintains its status on all of the major MOU white lists and with an assigned permanent representative at the IMO, participates in all of the major committee and subcommittee meetings.

Captain Higuma concluded the presentation by providing an update on the Marshall Islands Registry fleet. The Registry grew to more than 32.5 million gross tons and 1184 registered vessels at the end of the first quarter of 2006, an increase of some 7.3 million gross tons and 330 vessels during the 12 months from April 2005 forward.