Aries Maritime Transport Limited Files Annual Report On Form 20-F

7/6/2009

ATHENS, Greece, Jul 6, 2009 (GlobeNewswire via COMTEX News Network) -- Aries Maritime Transport Limited (Nasdaq:RAMS) today announced that on June 26, 2009 the Company filed its annual report on Form 20-F for the year ended December 31, 2008. The audit report of the Company's independent registered public accounting firm, PricewaterhouseCoopers S.A., included in the Form 20-F contains an explanatory paragraph which notes that there are specific factors which raise substantial doubt about the Company's ability to continue as a going concern. These factors include the Company's 2008 and 2007 net losses and a previously announced re-classification of long term debt due to its inability to meet certain financial covenants under its revolving credit facility.

As discussed in Note 1 to the consolidated financial statements, Aries Maritime is currently in negotiations with its lenders to obtain waivers for certain financial covenants. The Company has plans in place to improve the performance and financial strength of the Company. These plans primarily relate to the reduction of expenses, possible sales of vessels and the potential addition of assets to enhance future cash earnings.

On June 24, 2009, the Company signed a non-binding letter of intent with Grandunion, Inc., a company controlled by Nicholas Fistes and Michael Zolotas., that contemplates, among other things, the acquisition of three Capesize drybulk carriers with an approximate net asset value of $36.0 million in exchange for 15,977,778 newly issued shares of the Company and a change of control of the Company's board of directors. There is no assurance that the Company will enter into definitive agreements with Grandunion, Inc.

This announcement is issued pursuant to NASDAQ Marketplace Rules and investors are encouraged to read the entire text of the Company's report on Form 20-F. This announcement does not represent any change or amendment to the Company's financial statements or to its Annual Report on Form 20-F for the fiscal year ended December 31, 2008.

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 two container vessels, excluding the Ocean Hope, with a capacity of 2,917 TEU per vessel. Seven of the Company's 11 vessels are secured on period charters. Charters for two of the Company's products tanker vessels currently have profit-sharing components.

Aries Maritime Transport Limited press release