Aries Maritime Announces Extended Bareboat Charters for Two Products Tankers

18 July 08

ATHENS, July 18 - Aries Maritime Transport Limited (NASDAQ: RAMS) today announced it has renewed the bareboat charters for the Stena Compass, a 2006-built double-hull products tanker, and its sister ship, the Stena Compassion, with Stena Group. The charters will be for 23 to 25 months at a gross rate of $18,700 per day per vessel, less 2.5% in brokerage commissions. The charters also include a profit-sharing component for Aries equal to 30% of the actual Time Charter Equivalent rate above $26,000 per day per vessel. The charters are scheduled to commence upon expiration of the vessels' current charter.

Aries also announced that the CMA CGM Seine, a 1990-built container vessel, is expected to be redelivered to the Company on July 20, 2008 following completion of its scheduled voyage and cargo operations. Aries and the charterer mutually agreed to the redelivery following damage to the main engine of the vessel, which will undergo repairs that are expected to be completed by the end of August 2008.

Jeff Parry, Chief Executive Officer, commented, "We are pleased to renew the bareboat charters for the Stena Compass and Stena Compassion with a leading international shipping group. Our new management team is committed to increasing shareholder value, and we believe these charters represent a positive first step. Consistent with our turnaround efforts, we are working closely with our third-party ship managers to improve our fleet's technical performance. As the CMA CGM Seine undergoes repairs, we will evaluate options including new period charter opportunities as well as a possible sale of the vessel."

About Aries Maritime Transport Limited
Aries Maritime Transport Limited is an international shipping company that owns and operates products tankers and container vessels. The Company's products tanker fleet consists of five MR tankers and four Panamax tankers, all of which are double-hulled. The Company also owns a fleet of three container vessels that range in capacity from 1,799 to 2,917 TEU. Eight of the Company's 12 vessels have period charter coverage. Charters for three of the Company's products tanker fleet currently have profit-sharing components.

Aries Maritime Transport Limited press release