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Bethesda MD September 26, 2006 - Iridium Satellite today reported that the number of ships using its maritime Crew Calling service has increased by 54 percent during the first six months of 2006.

Iridium executive vice president, Don Thoma, attributes the success to the company’s unique value proposition, offering the best combination of cost and convenience for crewmembers to make ship-to-shore calls at sea.

"Iridium maritime satellite terminals, which use small Omnidirectional antenna units instead of steerable, stabilized dishes, are easy and inexpensive to install, and the satellite airtime charges are substantially lower than other marine satellite communication systems," Thoma observed.

"Iridium is also the only satellite communication network offering global pole-to-pole coverage over all of the world’s ocean areas."

Shipowners and managers are responding to the rising costs of attracting and retaining qualified seagoing crewmembers. The Iridium Crew Calling program provides an important contribution to crew welfare and job satisfaction by making it easy for them to keep in touch with friends and families while at sea.

Using convenient prepaid scratch cards, Iridium’s Crew Calling plan provides a cost-effective and easy-to-administer program. Crew calls are priced at a single flat rate per minute, regardless of the time of day or location. Personal calls are automatically separated from the ship’s traffic, eliminating the burden of manually accounting for crew calls on the satellite network.

Crewmembers can use an extension phone in the break room to make satellite calls, avoiding any interference with communications on the ship’s bridge or equipment room.

Iridium’s Family First program offers 35 percent discounts for crew calls placed with scratch cards on major holidays, as well as the first day of each month and weekends. The discounts are applied automatically and are in effect for 24 hours based on Greenwich Mean Time (GMT), regardless of the location of call origin or termination.

"Iridium is planning to expand this highly successful program, adding new holidays in 2007," said Thoma.

LINKÖPING, Sweden September 26, 2006 - Saab TransponderTech, the leading supplier of automatic identification systems (AISs) reports continued brisk sales of its AIS products, including shipboard transponders and base stations.

Saab achieved two major milestones this year when it shipped its 10,000 shipboard AIS transponder and also installed the 1,000 shoreside AIS base station, according to Gunnar Mangs, vice president sales and marketing for Saab TransponderTech.

"Although the International Maritime Organization (IMO) deadline has passed for mandatory fitting of shipboard AIS on all ships over 300 gross tons on international voyages, we are still seeing continued strong sales of AIS transponders around the world," said Mangs. "We are still shipping our R4 AIS system in excellent quantities."

"We expect to be in a strong position to satisfy the surging demand for AIS units as the next IMO carriage requirement deadline for smaller coastal vessels approaches in 2007," Mangs added. The new carriage requirements will apply to vessels over 500 gross tons in domestic traffic, which must be fitted with an approved AIS transponder by July 1, 2008.

Saab TransponderTech was one of the original pioneers in AIS technology and is currently offering its fourth-generation AIS products. The Saab R4, introduced in 2003, is the leading marine AIS transponder on the market. The product is type-approved to meet the IMO carriage requirements for AIS, and is fully licensed under the Swedish patent for AIS technology. The R4 product now also exists in an Inland Waterways version as well as in various versions for Coast Guard and Navy.

Saab has distribution agreements with most of world’s large marine electronics suppliers and system integrators, and has the industry’s most extensive after-market service network, ensuring prompt shipboard service in virtually any port in the world.

The AIS base station business is rapidly expanding, according to Mangs, who said that Saab is currently involved in several major procurement programs. "There is rising demand for AIS base stations as a key component in national coastal surveillance and vessel traffic control systems," said Mangs. "Saab is uniquely positioned to meet these growing requirements, with a range of commercial off-the-shelf solutions."

Raleigh NC September 26, 2006 - EnSolve Biosystems, the company that pioneered breakthrough bioremediation technology for bilgewater treatment, today announced it has successfully completed testing to receive U.S. Coast Guard type approval for its new oily water separator (OWS) system.

The new-generation PetroLiminator PL630M was tested to meet the new International Maritime Organization (IMO) MEPC.107(49) clean water standards for overboard discharge. "The PL630M consistently achieved effluent levels of less than one part per million (ppm) in oil content," said Dr. Jason Caplan, president of EnSolve. "The highest recorded measurement in the tests was just 2.2 ppm, far below the IMO specified limit of 15 ppm. The system is rated to treat up to 20,000 liters of bilge water per day."

Caplan reported that the first PL630M system will be installed on a Color Line vessel later this year. The EnSolve technology is totally unique and unlike any other OWS product on the market in that it uses safe non-pathogenic hydrocarbon-degrading microbes to destroy particles of oil and other contaminants in the bilge water. This green technology produces no harmful by-products and is HazMat free. The PetroLiminator system treats both pure and emulsified oil, as well as other organic chemicals, such as detergents, degreasers, glycols and transmission fluid. The system’s fail-safe oil content monitor with automatic shutoff, ensures that no contaminated effluent can be discharged accidentally.

"The PetroLiminator is virtually maintenance free," said Caplan. "There are no flocculants to add or beads to change, thus greatly reducing chemical and disposal costs. It operates fully automatically, unattended, 24/7. The capital investment and operating costs are far lower than those of other OWS technologies. Data gathered from operational shipboard PetroLiminator systems reveals average operational costs to be on the order of $0.02 per gallon of treated water."

"Most importantly, the PetroLiminator technology has built a track record of reliable performance over the last six years on a variety of ship platforms throughout the world, including Great Lakes carriers, oil exploration vessels, government ships, passenger and vehicle ferries and cargo ships," Caplan added. "This means ship owners, masters and engineers can rest assured that they are lowering their risks of punitive judgments with multi-million dollar fines and even jail sentences for violators of the clean-water standards."

"We believe that EnSolve is uniquely positioned to capture a large share of the emerging market for more reliable and less expensive alternative technologies for bilge water remediation to meet the new international standards," said Caplan.

Hamilton, Bermuda September 26, 2006 - Frontline Ltd. ("Frontline" or the "Company") has agreed to sell its VLCC Front Beijing, which was delivered in 2006, for gross sale proceeds of $141.5 million. Delivery to the buyers is expected to take place in November 2006.

This transaction will give a positive result of approximately US$59 million, and will generate approximately US$58 million in additional liquidity. The additional liquidity will partly be used to fund pre-delivery installments in Frontline's newbuilding program, and will in addition strengthen the Company's dividend capacity going forward. The sale of this recently delivered vessel represents no material change in the overall strategy, but should be seen as an opportunistic transaction where the effect on the overall fleet is compensated by the eleven (two of the Suezmaxes will be offered as an investment to Frontline's affiliated company, Ship Finance International Limited) vessel newbuilding program Frontline recently has committed to.

Piraeus September 26, 2006 - Navios Maritime Holdings Inc., a vertically integrated global shipping company specializing in the dry-bulk shipping industry, is pleased to announce the promotion of Ted Petrone to the position of President of Navios Corporation. Navios also announces that Robert Shaw has announced his retirement from the position of President, effective September 30, 2006.

Ms. Frangou remarked, "While we will miss Robert's positive influence in the daily conduct of our business, I am excited about the addition of Ted to the senior management team, who will help us continue to execute on our strategy. We are also uniquely fortunate that Robert will continue to serve as a member of Navios's Board, where, among other things, he will assist Navios in building a South American logistics business."

Mr. Petrone will head Navios' worldwide commercial operations. Mr. Petrone served in the Maritime Industry for 29 years, of which 26 were with Navios. After joining Navios as an assistant vessel operator, Mr. Petrone worked at Navios in various positions. For the last fifteen years, Mr. Petrone was responsible for all the aspects of the daily commercial Panamax activity, encompassing the trading of tonnage, derivative hedge positions and cargoes. Mr. Petrone graduated from New York Maritime College at Fort Schuyler with a BS in Maritime Transportation. He served as a third Mate aboard U.S. Navy (Military Sealift Command) tankers for one year.

London September 26, 2006 - At a hearing today in South Tyneside, Captain Mehmet Salih Bayraktar and Chief Officer Alper Cevirgen, were fined £400 and £500 costs, and £600 and £500 costs respectively for failing to comply with Rule 10(c) of the International Regulations for prevention of Collision at Sea in the Dover Straits.

In the late afternoon of the 29th July 2006, the Turkish registered vessel Nuri Sonay started to cross over from the North East lane of the Dover Straits Traffic Separation Scheme into the English Inshore Traffic Zone.

The vessel was enroute to Newcastle upon Tyne with a load of steel. It was quickly noted that the vessel was not crossing on the recommended course of 315 degrees. In fact its course was nearer 010 degrees. The vessel had plenty of opportunity to cross on the recommended course.

However it passed round the stern of a southwest bound vessel. It also altered slightly to clear another vessel crossing the lane correctly. It eventually cleared the lane after 25 minutes.

MCA Surveyors and a member of the Enforcement Unit met the vessel on arrival. The Master and Mate admitted that the vessel had not crossed correctly.

In passing sentence the Magistrates said:

"This is a very busy shipping lane. It is concerning that there was a lack of supervision of the passage plan.

Any vessel not complying with the rules of the International Regulations pose a serious hazard to other vessels and the crews on them."

Mr Mike Toogood, CNIS Manager at Dover, said

"The recommended way to cross the south west lane was on a ships heading of 315 degrees. This makes it clear to vessel in that lane what the vessel's intentions are. Also, if followed correctly, the vessel will remain within the southwest lane for the minimum time possible. Rule 10(c) is there for the safety of all seafarer and those who seriously breach it will be brought to the attention of the courts."

Athens September 26, 2006 - Aries Maritime Transport Limited today announced that it expects to complete repairs to the Bora, a 2000-built double-hull products tanker, before the end of the second week of October 2006 at a total cost of approximately $1.3 million. Following the completion of repairs, Aries plans to initially employ the vessel in the spot market prior to securing a period charter. The Company's previous time charter arrangement with FR8 PTE has been voided with no claim on either party as a result of passing the cancellation date under the charter terms.

Mons S. Bolin, President and Chief Executive Officer commented, "We look forward to having the Bora return to service after the completion of works, which include dry-docking the vessel for repairs as well as upgrades to improve vessel performance and enhance the vessel's marketability. The products tanker sector remains firm and with the winter season approaching, we believe the best approach is to initially trade the Bora in the spot market while exploring various period charter opportunities that best serve our shareholders. All our remaining fleet, consisting of nine double-hulled products tankers and five container vessels, continue to operate on contracts with an average duration of approximately two years."

Aries also announced that the Company currently estimates between 140 to 145 off-hire days for the third quarter ending September 30, 2006, reducing revenue for the quarter by approximately $2.8 million, excluding the Bora. The majority of off-hire days are comprised of recent dry-docking time for periodic surveys. Vessels currently out of service include the Bora and the Force, a container ship expected to return to service by September 30, 2006.

Under the Company's management contracts with Magnus Carriers for 12 of Aries' vessel-owning subsidiaries, if actual operating expenses exceed the set budgeted amount, Magnus is responsible for 50% of the excesses. The costs related to the repairs for the Bora, as well as recent dry-docking for periodic surveys in the quarter, will be included in any such calculation of operating expenses excesses. Aries has already received approximately $5 million in the fiscal 2006 third quarter under its excess cost sharing agreement with Magnus by way of a one-time accelerated payment in respect of the Citius, now named the Arius.

Bolin concluded, "Our ability to expand the fleet by 47% on a deadweight tonnage basis in just over a year, combined with our strong existing charter coverage and profit-sharing arrangements, position us well for the future. We are determined to secure our vessels on long-term charters and provide our shareholders with a stable revenue stream and dividend payout over the long-term. At the same time, we are committed to improving our cost structure and our commercial performance over the long-term."

Piraeus September 25, 2005 - Navios Maritime Holdings Inc., a vertically integrated global shipping company specializing in the dry-bulk shipping industry, announced today that it has secured a favorable time charter contract for one of its vessels. As a result, Navios has extended the coverage of its Long Term Fleet to 98.9% for 2006, 62.7% for 2007 and 28.2% for 2008.

The time charter is for the Navios Hios, which has been fixed for two years at daily rates creating approximately $14.0 million of EBITDA over the charter period. The details of this vessel and the related charter is set forth below.

Vessel Type Built DWT Charter Period (2) Charter Out

Revenue Effective

Daily Date

Rate (1)

Navios Hios Handymax 2003 55,180 $24,035 2 years 11/15/2006

(1) Time Charter Revenue Rate per day net of commissions.

(2) Charter agreements includes a redelivery time range of 2 to 3 months

In addition, as previously announced, the Company exercised the purchase option on the Navios Star, a 76,662 dwt Panamax built in 2002 in Imabari, Japan. The Navios Star has a purchase price of approximately $19.5 million and a current market value estimated at $44.5 million. The Company expects to take delivery in early December 2006.

London September 22, 2006 - Magenta Technology, the world-leader in the development and commercial application of multi-agent technology, has announced that its unrivalled scheduling solution for sea logistics is now available for trial online from their website at http://www.magenta-technology.com/products/ischedulers/oceanfleet/

This unique Java-based decision support software tool for chartering & scheduling uses Magenta's proprietary multi-agent technology to help ocean logistics businesses dynamically choose the most profitable deployment of ships-to-cargo for their fleets. Magenta's Ocean i-Scheduler enables them to deal with unexpected circumstances and operate from an optimized schedule in extremely volatile markets where transportation rates and costs fluctuate violently.

The software allows ocean logistics players to assess potential cargoes in the marketplace, match these against its vessels' specifications and calculate voyage profitability. Further, unlike traditional rules-based systems, the multi-agent technology responds to real world changes impacting a schedule and re-plans straight away to offer the most advantageous schedule at that moment.

The Ocean software uses Magenta's patented agent-based technology to check all possible vessels in the fleet, check against constraints for vessels and ports then perform all calculations for distance, sailing times, consumptions and draught - even looking at swap combinations - to produce a series of workable options for each event such as a new cargo. These options are then ranked according to the preferences discussed with the client during customization by comparing the Key Performance Indicators (KPIs). Each option can then be reviewed by the user using reports and visualizations before selecting the users own preferred choice.

Magenta's website www.magenta-technology.com gives access to a secure server hosted by Magenta. As all of Magenta's software is written in Java and web-enabled there is no client application to download and all the user requires is a browser. The online version has a dataset in place to allow the users to plan cargoes to ships and to evaluate and select the best options as created by the Ocean software. Users can even create new events and ask the online scheduler to plan this event - which is done in a few seconds. All of Magenta's excellent visualizations and reporting tools are also available on the site.

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