Exmar Terminates Time Charters

EXMAR has signed an agreement to terminate the time charter contracts of the three 10,500 m³ Ethylene carriers (Polar Discovery, Polar Belgica and Polar Endurance) both with Eitzen, as Charterers, and the Japanese Owners. This transaction will generate a profit of about USD 11 million and the completion will take place prior to the end of October 2006. Half