Aries Maritime Transport Limited Announces Agreement
With Grandunion Inc. Providing for Change of Control
and Management

ATHENS, Greece, Sep 16, 2009 (GlobeNewswire via COMTEX News Network) -- Aries Maritime Transport Limited (Nasdaq:RAMS) (the "Company") announced today that it has entered into a Securities Purchase Agreement with Grandunion Inc., a company controlled by Michail S. Zolotas and Nicholas G. Fistes, pursuant to which the Company has agreed to issue 18,977,778 common shares to Grandunion in exchange for three capesize drybulk carriers.

Rocket Marine Inc., a company controlled by Mons Bolin and Captain Gabriel Petridis, each a current director of the Company, has agreed to enter into a voting agreement with Grandunion in exchange for 2,666,667 common shares of Aries Maritime. Under the voting agreement, the controlling persons of Rocket Marine will agree to cause Rocket Marine to vote its common shares of the Company in accordance with instructions from Grandunion on all matters to be considered and voted upon by the Company's shareholders. Following the closing of the share issuance to Grandunion and the transfer by Grandunion of 2,666,667 common shares to Rocket Marine, Grandunion will own approximately 34.2% and Rocket Marine will own approximately 36.8% of the Company's total outstanding common shares. Through the voting agreement, Grandunion will control the vote of 71% of the Company's shares.

In connection with the transactions contemplated by the agreements:

• The Company will increase the size of its board to seven members, composed of:
-- Mr. Nicholas G. Fistes, as non-executive Chairman;
-- Mr. Michail S. Zolotas, as executive director and President;
-- Mr. Allan L. Shaw, as executive director and Chief Financial Officer;
-- Messrs. Masaaki Kohsaka, Spyros Gianniotis and Apostolos Tsitsirakis as non-executive directors; and
-- Mr. Panagiotis Skiadas, a current director, who will remain on the board as a non-executive director.

• Investment Bank of Greece has committed to purchase $145 million in aggregate principal amount of 7% senior unsecured convertible notes due 2014 (the "Convertible Notes"), convertible into common shares at a conversion price of $0.75 per share. The proceeds of the Convertible Notes are expected to be used for general corporate purposes, to fund vessel acquisitions and to partially repay existing indebtedness.

• The Company's existing syndicate of lenders has entered into a commitment letter to refinance the Company's existing fully revolving credit facility.

One of the capesize vessels, the 1992-built M/V CHINA, will be employed on a time charter with Deiulemar Shipping Societa con Unico Socio S.P.A. through April 2016 at a net daily rate of $12,588. The 1995-built M/V BRAZIL will be employed on a time charter with TMT Bulk Co., Ltd. through December 2014, with the charterer's option to extend or shorten the duration by 60 days, at a net daily rate of $28,598 for the first two years and a net daily rate of $25,830 for the remaining period, in each case plus a 50% index-based profit sharing arrangement. The third vessel, the 1993-built M/V AUSTRALIA, will be employed on a time charter with TMT Bulk Corp. for a minimum of 11 months and a maximum of 13 months at a net daily rate of $26,838.

The Securities Purchase Agreement is subject to a number of conditions, including but not limited to (1) the entry into definitive agreements for the issuance of the Convertible Notes and the closing of that transaction; (2) the entry into definitive agreements with the Company's existing syndicate of lenders for the refinancing of the Company's existing credit facility; and (3) the absence of any event reasonably likely to have a material adverse effect on the Company or the three capesize drybulk carriers.

Jeff Parry, Chief Executive Officer, commented, "We are pleased to have entered into the agreement with Grandunion. This agreement serves as an important milestone as we continue to make notable progress towards completing this strategic transaction. By expanding our fleet with the addition of three capesize vessels, Aries will enter a new asset class to take advantage of the global demand for core drybulk commodities. With all three vessels locked away on medium to long-term time charters, we expect to strengthen our fixed revenue streams and increase the Company's future earnings potential for the benefit of shareholders."

Mr. George Xiradakis, the Chairman of the Special Committee appointed by the Board of Directors to evaluate the proposed transaction, commented, "We are satisfied after consulting with our advisors that the existing shareholders will benefit from the proposed transaction, and we appreciate the dedicated efforts of our banking syndicate with regard to the restructuring of our facility. We believe the new management along with the combination of new assets, convertible notes proceeds and a restructured bank loan will allow Aries Maritime to prosper."

Investors are urged to read the Company's Form 6-K to be filed with the U.S. Securities and Exchange Commission which contains important information concerning certain conditions under which the Securities Purchase Agreement may be terminated as well as information concerning related agreements to be entered into in connection with the transactions contemplated by the Securities Purchase Agreement. The Company expects to complete the transactions contemplated by the Securities Purchase Agreement by September 30, 2009.

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 in capacity of 2,917 TEU each. Four 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