Aries Maritime Announces Sale of the Arius

Released: 03/03/08 04:15 PM EST

ATHENS, March 3 /PRNewswire-FirstCall/ -- Aries Maritime Transport Limited (NASDAQ:RAMS) today announced it has reached an agreement to sell the Arius, a 1986-built double-hull products tanker, to an unrelated third party for a net price of $21.825 million. The Company expects to realize a book profit of approximately $10.7 million upon delivery of the vessel, which is expected in the second quarter of 2008.

Mons S. Bolin, President and Chief Executive Officer, said, "Our strategic decision to sell the oldest vessel in our fleet at an attractive price improves the average age of our nine remaining products tankers and enhances our financial flexibility. We expect to realize a book profit of approximately $10.7 million from the sale of the Arius and will use the proceeds to pay down debt under our fully revolving credit facility."

About Aries Maritime Transport Limited
Aries Maritime Transport Limited is an international shipping company that owns and operates products tankers and container vessels. All of the Company's products tanker vessels are double-hulled with an average age of 7.2 years, which excludes the Arius. Upon completing the sale of the Arius, the Company's products tanker fleet will consist of five MR tankers and four Panamax tankers. The Company also owns a fleet of five container vessels that have an average age of 18.3 years and range in capacity from 1,799 to 2,917 TEU. All of Aries Maritime's products tankers and container vessels, other than the Ostria and the Arius, currently have period charter coverage. Charters for 30% of the Company's products tanker fleet currently have profit sharing components.

Aries Maritime Transport Limited press release