Aries Maritime Transport Limited Receives $145 Million Commitment Letter

ATHENS, Greece, Jul 15, 2009 (GlobeNewswire via COMTEX News Network) -- Aries Maritime Transport Limited (Nasdaq:RAMS) today announced that it has entered into a commitment letter with Investment Bank of Greece, a member of the Marfin Popular Bank Group, to fully underwrite $145.0 million aggregate principal amount of 7% Senior Unsecured Convertible Notes due 2014 (the "Notes") related to the Company's previously announced non-binding letter of intent for acquisition of control by Grandunion, Inc. Net proceeds from the Notes are expected to be used primarily to fund vessel acquisitions and partially repay existing indebtedness.

On June 24, 2009, Aries Maritime 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. The commitment letter is contingent, among other things, on entering into definitive agreements with Grandunion, Inc. and amendments to Aries' existing credit facility. There is no assurance that the Company will enter into these definitive agreements.

Jeff Parry, Chief Executive Officer of Aries Maritime, commented, "We are pleased to have entered into a commitment letter to fully underwrite the $145 million in principal amount of the Notes. This financing represents a critical step forward with respect to our strategic transaction with Grandunion. As we continue to make important progress towards entering definitive agreements, management remains focused on improving the operational performance and financial strength of our Company."

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 with a capacity of 2,917 TEU per vessel. Five 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