deployment. repairs and upgrades, as previously announced. in the spot market, while period charter opportunities are explored. cost of repairs is expected to total approximately $1.4m. of the vessel from its previous charterer. $17,297.50 per day. for a period of six months at the same rate. previous charterer. has also exercised an option to extend the charter from Europe to the U.S. East Coast. hire. exceeding the maximum off-hire time allowed under the contract. Aries also announced the appointment of Tapas Mukhopadhyay as Aries Fleet Manager, effective November 1, 2006. of Technical Management for Essar Shipping Ltd. of India. Aries' fleet.