Aries Maritime Completes Sale of Container Vessel

6/29/2009

ATHENS, Greece, Jun 29, 2009 (GlobeNewswire via COMTEX News Network) -- Aries Maritime Transport Limited (Nasdaq:RAMS) today announced it has completed the sale of the Ocean Hope, a 1989-built container vessel, to an unrelated third party for a net price of $2.3 million. Proceeds from the sale of the Ocean Hope, which was delivered on June 29, 2009, will be used to pay down debt under the Company's fully revolving credit facility.

Jeff Parry, Chief Executive Officer, said, "We are pleased to complete the sale of the Ocean Hope, the oldest vessel in our fleet. With this transaction, we have enhanced Aries' fleet profile and improved the Company's financial position."

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