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New CEO at ShipNet

Maritime Activity Reports, Inc.

May 26, 2006

ShipNet named Tormod Haavi as its new Managing Director, succeeding Sven Erik Dølvik. Haavi will assume his new role from July 1, 2006. Haavi was ShipNet’s Commercial Director until the end of 2000. During the years since he left ShipNet, Haavi has worked as an independent management consultant. His projects, amongst others, have been related to business development, mergers and acquisitions on an international level. “ShipNet`s unique asset in the form of its global customer base and shipping competence, is a great basis, but without adapting to tomorrows technology and changes, is worth nothing, ” said Tormod Haavi. “Our job is to further build on this basis in order to maintain and further develop ShipNet`s leading market position.”

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