FOR IMMEDIATE RELEASE

(October 3, 2007) Tokyo

International Registries, Inc. (IRI), the Maritime and Corporate Administrator of the Republic of the Marshall Islands has signed a partnership agreement with Mr. Masaharu Okamoto, President of Marine Bureau, Inc. (MBI), to appoint MBI to be an official representative office in order to significantly strengthen its marine safety and technical support to shipowners and operators in Japan. "Our common goal is to provide the best quality ship registration and the most efficient marine safety and technical support to the Japanese shipping community," said Mr. Okamoto.

MBI is one of Japan's leading maritime services companies with more than 1,700 vessels on its books. As a Special Agent of the Marshall Islands Registry, Mr. Okamoto is authorized to act on the Registry's behalf in connection with the registration and documentation of vessels, the recordation of ship mortgage instruments, the authentication and verification of marine documents and certificates and most importantly to provide timely technical support. "I am very pleased to have MBI join our team; they will provide our shipowners with a great deal of professional technical knowledge. This is the next step in our decentralization strategy to provide timely technical support to the Japanese shipping community," said Annie Ng, Managing Director of Asian head office of International Registries (Far East) Limited, Hong Kong.

"There are a growing number of Japanese shipowners and operators flying the Marshall Islands flag and our new partners, MBI, will provide world-class services to meet their needs," said Bill Gallagher, President, IRI.

The agreement with MBI is the latest development in IRI's decentralization strategy to provide technical, marine safety and registration services to shipowners and operators around the world. In June, the Registry established three divisions (Asia, Europe and the US) to provide post registration, technical and inspection services. This move further enhances the global services the Registry already provides.

"We are very confident that with the strength of MBI being an official representative of the Marshall Islands Registry in Japan, we will be welcoming many shipowners to the Marshall Islands Registry in the near future," said Miss Annie Ng.