Aries Maritime Transport Limited Announces Sale of Two Container Vessels and Provides Dividend Update

3/25/2008

ATHENS, Greece, March 24 /PRNewswire-FirstCall/ -- Aries Maritime Transport Limited (NASDAQ:RAMS) today announced it has reached an agreement to sell both the Energy 1, a 1989-built container vessel, and its sister ship, the MSC Oslo, to an unrelated third party for a net price totaling approximately $40 million. The Company expects to finalize the sale with the delivery of the vessels during the second quarter of 2008.

Mons S. Bolin, President and Chief Executive Officer, said, "Following our previously announced agreement on March 3, 2008 to sell the Arius, the oldest vessel in our fleet, we are pleased to further strengthen our fleet profile and financial flexibility with these sales. Upon completing the sale of the Energy 1 and the MSC Oslo, we expect to realize a book profit totaling approximately $6.3 million and will use the proceeds to reduce the outstanding borrowing under the fully revolving credit facility."

The Company also announced it has temporarily suspended payment of its quarterly dividend, effective for the dividend in respect of the fourth quarter of 2007. The Company expects to resume the distribution of quarterly dividends, as determined by its Board of Directors and consistent with its dividend policy, beginning with the dividend in respect of the first quarter of 2008.

The Company has received consent from its lenders to a relaxation of the interest coverage covenant contained in its fully revolving credit facility from December 31, 2007 through September 30, 2008. The Company has also voluntarily agreed to reduce the commitment under its fully revolving credit facility to $290 million.

Mr. Bolin added, "During a time when we continue to explore strategic alternatives, we remain focused on taking further steps to implement our long-term period charter approach. We believe this approach supports the Company's long-term dividend objectives."

On March 7, 2008 Aries announced that its Board of Directors initiated a review to evaluate strategic alternatives to enhance shareholder value. These alternatives may include, but are not limited to the sale or merger of the Company, other strategic transactions, potential capital raises, and the continued execution of the Company's operating plan.

The Company has retained Merrill Lynch & Co. as an advisor in connection with the evaluation process. The Company noted that there can be no assurance that the exploration of strategic alternatives will result in any transaction and it undertakes no obligation to make any further announcements regarding the exploration of strategic alternatives until the outcome of the process is completed or until there are material developments.

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 three container vessels, which excludes the Energy 1 and the MSC Oslo, 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