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THE CREDIT CRUNCH AND SHIPBUILDING
World shipyards have a record order backlog. What effect will the global credit crunch have?

No effect
A slow down in new orders
Cancellation of some existing orders
Cancellation of many exisiting orders

Marine Log

April 8, 2008

Eight Japanese-owned LNG vessels to fly Marshall Islands flag

Eight Japanese-owned LNG vessels that will carry Qatar gas exports will register with the Marshall Islands.

The first, AL AAMRIYA, a 210,100 cu.m gas carrier, is being built by the Daewoo Shipbuilding and Marine Engineering Co. Ltd. shipyard in Okpo and will register this month. The remainder will be delivered over the next two years.

In total, 40 Qatar LNG vessels will join the Marshall Islands Registry over the next four years.

International Registries, Inc. (IRI), the Marshall Islands Maritime and Corporate Administrator closed the first quarter of 2008 with a fleet of 39.5 million gross tons and more than 1,700 registered vessels.

"We are one of only three flags invited to register the Qatar LNG vessels. Our fleet includes vessels managed and owned by some of the world's leading tanker operators and we have a long history in working in this dynamic sector," said Bill Gallagher, President of IRI.

"Japanese owners respect the quality and experience of the Marshall Islands Registry and this is reflected in their decision to register these LNG vessels," said Masaharu Okamoto, Representative, International Registries (Far East) Limited Japan Branch, an IRI affiliate.

IRI, which traces its origins to 1948, is celebrating its 60th anniversary.

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