INDUSTRIAL CARRIERS BANKRUPT. CHAPTER 11

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INDUSTRIAL CARRIERS INC OF THE MARSHALL ISLANDS

(¡§the Company¡¨)

To all creditors of the Company and others

NOTICE IS HEREBY GIVEN that the Company today filed for bankruptcy with the Multi-Member First Instance Court of Piraeus pursuant to the relevant provisions of the Greek Bankruptcy Code (Statute no. 3588/2007)The Company is by law prohibited from making any further payments to creditors, pending the hearing of the application and the appointment of a  trustee-in-bankruptcy.

The hearing of the Company¡¦s applicationis scheduled for Tuesday the 25th  November 2008.

Any person who wishes to be heard on the Company¡¦s application is entitled tointervene in the bankruptcy proceedings.

The Company has appointed Messrs Goyios & Nassikas of Livanos Building, 7th & 8th Floor 47-49, Akti Miaouli, 185 36  Piraeus Tel. Nos: 210-4292640/210-4292904 Fax No.: 210-4293129 E-mail: goynas@otenet.gr to handle the bankruptcy proceedings on its behalf.

All relevantenquiries should be directed to Messrs Goyios & Nassikas.