Aries Maritime Transport Limited Announces Two Year Time Charter for MV Australia

ATHENS, Greece, Nov 05, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Aries Maritime Transport Limited (Nasdaq: RAMS) today announced a two-year time charter for the 1993-built, 172,972 dwt Capesize tanker MV Australia at a gross rate of $21,750 per day. Most recently, the MV Australia has been operating in the spot market for the past 60 days, as management developed opportunities.

"Since the closing of the transaction, we have been aggressively reviewing the business for the purpose of improving operations and stabilizing revenue. This charter reflects some early progress," said Mr. Michail Zolotas, Deputy Chairman and Chief Executive Officer of Aries. "We will continue our efforts at repositioning the company, as we streamline our business and solidify our balance sheet."

About Aries Maritime Transport Limited
Aries Maritime Transport Limited is an international shipping company that owns and operates products tankers, container vessels and drybulk carriers. For more information please visit our website at www.ariesmaritime.com.

Aries Maritime Transport Limited press release