INTEROCEAN AMERICAN SHIPPING CORP

INTEROCEAN AMERICAN SHIPPING CORPORATION (IAS) was originally incorporated as Interocean Management Corporation in 1975 as the result of the merger of an oil company tanker fleet and a privately owned maritime firm to provide operation and management services for third party ship owners and for foreign and domestic flag vessels owned by affiliated companies. IAS is currently a wholly owned subsidiary of TOTE, Inc, Princeton, New Jersey (a subsidiary of SaltChuk Resources, Inc.).

Management services are tailored to the requirements of the ship owner, but typically involve full technical management which is comprised of vessel operations, crew management, voyage repairs, shipyard overhauls, insurance and claims handling, purchasing, accounting and financial reporting. IAS is now SQE certified by ABS to the Standards of ISO 9001:2000 Quality Assurance. IAS is ISO 14001 certified. These certifications provide IAS with a framework for the proper development, implementation, and assessment of quality in service and safety and pollution management in accordance with good practices that is duly recognized throughout the maritime industry.

IAS currently manages commercial, privately owned vessels and U.S. Government owned vessels. Vessel management encompasses both U.S. and Panamanian registry.

IAS has operated commercial tonnage continuously since its inception, managing a total of nearly 50 different commercial vessels during this 30-year period. The commercial fleet has ranged in size and type from small RO/RO trading inter-island in the Caribbean up to and including, Very Large Crude Carriers (VLCCs) and Ultra Large Crude Carriers (ULCCs). IAS's expertise has been both dry cargo and petroleum with ships having traded coastwise U.S., nearby foreign and worldwide.

Shipyard overhauls have been accomplished in many major shipyards throughout the United States, Europe and Asia. IAS has also supervised several major vessel conversions; jumboizing seven (7) tankers, converting a crude oil tanker to an FPSO and reactivating a ULCC following ten years of lay up.

In addition, supervision of new vessel construction has been accomplished at Avondale, Newport News and Mitsubishi. Similarly, IAS has contracted with Marad under General Agency Agreements and/or Ship Manager Contracts for the operation and maintenance of over 42 Ready Reserve Force ships. These have included SL-7s; crane ships (T-ACS); aviation logistic support ships (T-AVB); offshore petroleum discharge system tankers (OPDS); breakbulk ships; diesel and steam Ro-Ro's; a LASH vessel; school ships; and an offshore support vessel. Fourteen (14) of these were operated in OPERATION DESERT STORM.

The ships managed by IAS have operated under a variety of flags, including U.S., Liberia, Panama and Mexico. IAS's experience with crews includes U.S., Spanish, Taiwanese, Filipino, Indian, Honduran, Chilean and Mexican. IAS U.S. flag vessels are manned with U.S. crews supplied through the American Maritime Officers (AMO) and the Seafarers International Union (SIU).