News Release

Micronesian Shipping Agency Majuro, Marshall Islands

June 21, 2007

As of 7 July 2007, Micronesian Shipping Agency will no longer function in the Port of Majuro.

Due to decreasing revenue and reduction in the overall fishing vessels that we have worked with in the past, we are unable to maintain adequate staffing of professionals to provide for your shipping needs.

Majuro Marine will act as Liner Agent for Swire Shipping (Kiribati Chief) from 7 July 2007 onward.

Fedex will suspend shipments into Majuro on 30 June 07 until a suitable replacement can be found.

Japan Tuna Corporation will be in negotiations for their vessels and that should be announced shortly.

Other fishing vessels, airfright and seafreight operators will also make announcements of their on-island representatives shortly.

After closing the office a review of all accounts will be undertaken to insure that all accounts are completed in a timely manner; we would appreciate a full reconciliation from our principals and vendors. Payments for overdue services to MSAI can still be made to our account.

The Staff and Management of Micronesian Shipping Agencies Inc would like to thank you for the opportunities to serve you over the past years. We wish you the best of luck in the future. Thank you.

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