STAMFORD. CONNECTICUT, APRIL 5 & 6, 2005

An important executive seminar

The recently enacted American Jobs Creation Act has made significant changes in the way the U.S. will tax income from international shipping activities. These changes include a new alternative tonnage tax that can be elected in lieu of the standard corporate income tax and long-awaited changes to "Subpart F" of the Internal Revenue Code that, if properly employed, will allow deferral of taxation on income from certain international shipping activities.

The effect of these changes is already being felt. Overseas Shipholding Group cited these changes in the tax laws as a significant reason why it was able to increase its takeover bid for Stelmar.

The expectation around the industry is that these changes will help level the competitive playing field in international shipping, and provide long needed tax relief to U.S. shipping interests.

Marine Log magazine and Blank Rome LLP will be presenting a high level executive seminar at the Stamford Marriott in Stamford, Connecticut on April 5 & 6, 2005 at which experts from Blank Rome and other leading authorities will provide a detailed explanation of the changes in U.S. tax laws, the opportunities they create, and how to take advantage of them.

The moderator will be Brett M. Esber of Blank Rome.

The Stamford Marriott Hotel is located at
2 Stamford Forum in Stamford, Connecticut. A block of rooms has been arranged at a special rate of $149 per night for attendees of the seminar. Rooms will be held until 30 days prior to the conference; those reserving after that date will rely upon room availability. We suggest that you contact the hotel directly at (203) 357-9555 for room reservations. You will receive room confirmation directly from the Stamford Marriott.

Confirmed registrants who cancel less than one week prior to the conference are subject to a $150 service charge. Registrants who fail to attend are liable for the entire registration fee unless they notify Marine Log in writing prior to the conference

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PROGRAM

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