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V.Ships Forms New Joint Venture

Maritime Activity Reports, Inc.

July 11, 2006

V.Ships Hansen has been formed by incorporating the respective ships agency companies of V.Ships MSI (the Asian joint venture of V.Ships and IMC) and the Hansen Group of Taiwan. This new company will have its own offices in Singapore, Taiwan, China, Vietnam and Cambodia whilst maintaining its Asia-wide network of partners in other countries. V.Ships Hansen enhances V.Ships Agency’s ability to offer multi regional packages to customers. The network, headquartered in Dubai, provides agency services through seven regional hubs : Dubai, Rotterdam, London, Singapore, India, Argentina and Miami.

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