WATERFRONT SHIPPING CO. LTD.

Marinex’s port-side funnel photograph, downloaded on 14 March 2011, shows a double marking: Marinvest’s band emblem with Waterfront’s logo below it. The light-blue portion of the globe represents lines in the main blue shade and white; the small terminal dot is actually a circled R trade-mark sign. W507’s flag is shown flying on a ship on Waterfront’s website.

World Navigator, photographed on 27 April 2011 and apparently chartered from Nippon Yusen Kaisha, adds the Waterfront logo at the funnel base. Scarlet Ibis, by contrast, retains the ordinary black-based NYK funnel.

Tamiat Navigator, photographed on 25 October 2011, carries owner Iino Kaiun’s funnel with Waterfront’s logo added at the base, whose colour differs from the owner’s normal black.