M/V "ALBATROS-1"

 M/V ALBATROS1 WAS SOLD FOR THE AMOUNT OF 87,000 USD, ON THE 28TH JANUARY 2004.

IN THE DISTRICT COURT OF HAIFA, ISRAEL

SITTING AS THE ADMIRALTY COURT

ADMIRALTY FOLIO: 46/03

NOTICE OF JUDICIAL SALE OF THE VESSEL

M/V " ALBATROS-1 "

1.

OFFERS FOR THE PURCHASE OF THE HEREINAFTER DETAILED VESSEL, "AS IS

WHERE IS", FREE OF ANY DEBTS, LIENS OR THIRD PARTY RIGHTS, ARE HEREBY INVITED, BY THE UNDERSIGNED RECEIVER OF THE VESSEL, APPOINTED BY THE ADMIRALTY COURT IN HAIFA. THE VESSEL IS PRESENTLY ARRESTED AT ASHDOD PORT.

2.

OFFERS SHOULD BE SUBMITTED IN WRITING, NOT LATER THAN JANUARY 27, 2004

15:00 HRS, TO THE UNDERSIGNED RECEIVER. EACH OFFER SHOULD BE ACCOMPANIED BY A CASH DEPOSIT OR BY AN IRREVOCABLE CONFIRMED BANK GUARANTEE ISSUED BY AN ISRAELI BANK MADE OUT TO THE ORDER OF THE UNDERSIGNED RECEIVER, FOR 10% (TEN PERCENT) OF THE OFFER.

THE CASH DEPOSIT OR BANK GUARANTEE SHALL BE RETURNED TO UNSUCCESSFUL OFFERORS AND SHALL BE FORFEITED SHOULD THE SUCCESSFUL OFFEROR REVOKE HIS OFFER, AFTER THE APPROVAL OF HIS OFFER BY THE COURT.

3.

THE ACCEPTANCE OF ANY OFFER, IS IN THE SOLE DISCRETION OF THE COURT.

THE RECEIVER IS NOT OBLIGED TO ACCEPT, OR TO RECOMMEND TO THE COURT TO ACCEPT, ANY OFFER WHATSOEVER.

THE OFFERS SHALL BE SUBMITTED TO THE COURT AND ON THE JANUARY 28, 2004 13:30 HRS A PUBLIC AUCTION WILL TAKE PLACE BEFORE THE HONORABLE JUDGE MR. R. SOKOL IN THE DISTRIC CUURT OF HAIFA SITTING AS ADMIRALITY COURT AT 12 PAL-YAM ST. THE COURT WILL HAVE A FULL AND ABSOLUTE DISCRETION TO ACCEPT ANY OFFER, TO REJECT ANY OFFER, , OR TO

ACT IN ANY OTHER MANNER, AS THE COURT MAY DEEM FIT.

4.

THE PARTICULARS OF THE VESSEL ARE AS HEREUNDER STATED. THESE

PARTICULARS WERE PROVIDED BY THE VESSEL'S COMMAND AND THE UNDERSIGNED RECEIVER WILL NOT BE RESPONSIBLE FOR THEIR CORRECTNESS AND/OR AS TO THEIR ACCURACY. IN ALL CIRCUMSTANCES IT SHALL BE THE SOLE AND ABSOLUTE RESPONSIBILITY OF THE OFFERORS TO INSPECT THE VESSEL AND TO SATISFY THEMSELVES AS TO ALL DETAILS CONCERNING OR RELATING TO THE VESSEL:

Ephraim Glazberg, Advocate

"Zim" Building, 7-9 Pal-Yam Ave.
P.O.B. 400,
31003 Haifa, Israel

Telephone: ++972 4 8663483

Fax: ++972 4 8660794

Email:glazlaw@netvision.net.il

RECEIVER FOR THE M/V "ALBATROS-1"

Following are number of photo shoots of the vessel:

M/V ALBATROS-1 DOCKING IN ASHDOD BAY

THE ENGINE ROOM