During the first six months the LPG fleet contributed $19.7 million to the operating result (EBIT) (compared to $12.3 million for the first six months in 2004). This result was positively influenced by a profit of $4.7 million realized on the sale of the 50% participation of EXMAR in the LADY KIRA (5,000 m³/1994) and in the BIRGIT KOSAN (5,000 m³/1999). The Midsize, Ethylene and Pressurized segments contributed as budgeted and Time-Charter levels reflected a firm market sentiment. The VLGC fleet however did not meet expectations particularly due to persistent uncertainty on LPG pricing related to crude oil fluctuations and reduced product availability ex Arabian Gulf.