Please download the following document for pricing information:

• Letter from CEO
• New Tonnage Tax Pricing (PDF)
• Consolidated List of Fees and Charges (PDF)

July 12, 2000

Dear Clients and Friends:

You may have read in the trade press that the Liberian Registry, on behalf of the Republic of Liberia, has announced a reduction in fees and tonnage taxes, as of July 1, 2000. I write to advise you of this exciting change, and to personally assure you that, while this change in pricing policy will position Liberia among the most competitive of all registries, we will not prejudice the high standards that are the hallmark of the Liberian Registry.

The Registry now provides two standard pricing options to insure that vessels of all sizes may benefit from our lowest prices, as follows:

• For ships of 14,000 or more net tons, tonnage taxes have been reduced by 75% to $.10 per net ton, plus a flat annual fee of $3,800.00 per vessel. There are separate fees for inspections and MIIPS contributions, to cover IMO dues and marine investigations.
• For ships less than 14,000 net tons, we continue to offer our existing pricing formula of $.40 per net ton, plus MIIPS charges and a $1,450 inspection fee. This pricing structure for smaller ships has always been, compared to all other registries, a highly competitive fee.

In order to permit you maximum flexibility in taking advantage of both the new fee structure and the benefits of operation under the Liberian flag, the Registry shall waive registration fees for ships entering the Registry by December 31, 2000 until further notice, thereby making Liberia one of the least costly alternatives for vessel registration.

Attached for your examination is a summary describing in a more detail both options. Should you require further information or explanation, please do not hesitate to contact me or Executive Vice President John LeBarton at our Vienna, Virginia office, or Brad Berman, General Counsel, in our New York office. Personnel in our field offices also stand ready to assist you.

Sincerely,

Yoram M. Cohen
Chief Executive Officer