Aries Maritime Declares First Quarter 2008 Dividend of $0.10 per Share

Released: 05/13/08 08:55 AM EDT

THENS, Greece, May 13 /PRNewswire-FirstCall/ -- Aries Maritime Transport Limited (NASDAQ:RAMS) today announced the Company's Board of Directors has declared a $0.10 per share dividend for the three-month period ended March 31, 2008. The dividend is payable on May 30, 2008 to shareholders of record on May 23, 2008.

Mons S. Bolin, President and Chief Executive Officer, commented, "We are pleased to resume the distribution of a quarterly dividend for the first quarter of 2008, as planned."

Aries' policy is to pay a quarterly dividend in March, May, August and November of each year. The payment of dividends is at the discretion of the Board.

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 7.4 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 18.5 years and range in capacity from 1,799 to 2,917 TEU. Currently, 11 of the Company's 15 vessels 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