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Aries Maritime Transport Limited Announces Third Quarter 2007 Financial ResultsCompany Declares Third Quarter Dividend of $0.21 per ShareATHENS, November 15 /PRNewswire/ -- Aries Maritime Transport Limited (NASDAQ: RAMS) today reported its financial results for the nine months ended September 30, 2007. The following financial review discusses the results for the three months ended September 30, 2007 compared with the three months ended June 30, 2007 to provide a more meaningful comparison. It also refers to the results for the three months ended September 30, 2007 compared with the results for the three months ended September 30, 2006 as well as results for the nine months ended September 30, 2007 compared with the results for the nine months ended September 30, 2006. Sequential Quarterly Results Revenues of $23.2 million were recorded for the three months ended September 30, 2007, compared to revenues of $26 million recorded for the three months ended June 30, 2007. The decrease in revenues is primarily attributable to unscheduled out-of-service time related to the Ostria, a 2000-built double-hull products tanker, and scheduled out-of-service time related to the High Land, a 1992-built double-hull products tanker, during the three months ended September 30, 2007 compared to the three month period ended June 30, 2007. As of September 30, 2007, the fleet comprised ten products tankers and five container ships, which is the same number of vessels as of June 30, 2007. During the three months ended September 30, 2007, vessel operating days totalled 1,380, compared to total vessel operating days of 1,365 for the three months ended June 30, 2007. Actual revenue days for the three month period ended September 30, 2007 were 1,230 days, compared with 1,325 days for the three month period ended June 30, 2007. Net loss for the three months ended September 30, 2007 was $6.5 million or $0.23 per basic and diluted common share, compared to net income of $4.2 million or $0.15 per basic and diluted common share recorded for the three months ended June 30, 2007. Results for the three month period ended September 30, 2007, included an unrealized loss of $3.3 million from the change in the fair value of derivatives, which are interest rate swaps entered into to hedge the Company's exposure to US$ interest rates on its debt and do not represent results from operations. Excluding this non-cash unrealized loss, the net loss for the three month period ended September 30, 2007, was $3.1 million, or $0.11 per basic and diluted common share. Results for the three month period ended June 30, 2007 included an unrealized gain of $2.2 million from the change in the value of the same derivatives. Excluding this non-cash unrealized gain, net income was $2.1 million, or $0.07 per basic and diluted common share. Adjusted EBITDA for the three months ended September 30, 2007 was $10.4 million compared to $14.7 million for the three months ended June 30, 2007. (Please refer to the Summary of Selected Data table later in this document for a reconciliation of Adjusted EBITDA to net income.) Mons S. Bolin, President and Chief Executive Officer, commented, "For the third quarter of 2007, Aries declared its second consecutive dividend of $0.21 per share, during a time in which we continued to take proactive measures to further strengthen the Company's ship operations. Specifically, we engaged alternative ship management for all 12 vessels managed by our main ship management service provider. Our technical initiatives combined with Aries' strategic focus of securing vessels on profitable period charters are aimed at positioning the Company to provide shareholders with stable revenues and a greater quarterly payout over the long term. With the 12 vessels expected to be transitioned to our new service provider by the end of this year as well as a significant portion of our fleet locked away on favorable contracts with an average duration of approximately 1.2 years, we remain well positioned to meet this critical objective." Year-Over-Year Third Quarter Results Revenues of $23.2 million were recorded for the three months ended September 30, 2007, compared to revenues of $23.4 million recorded for the three months ended September 30, 2006. The decrease in revenues is primarily attributable to out-of-service time related to the Ostria during the three months ended September 30, 2007 compared to the three month period ended September 30, 2006. Net loss was $6.5 million or $0.23 per basic and diluted common share for the three months ended September 30, 2007, compared to net loss of $4.6 million or $0.16 per basic and diluted common share recorded for the three months ended September 30, 2006. Results for the three month period ended September 30, 2007, included an unrealized loss of $3.3 million from the change in the fair value of derivatives. Excluding this non-cash unrealized loss, the net loss for the three month period ended September 30, 2007, was $3.1 million, or $0.11 per basic and diluted common share. Results for the three month period ended September 30, 2006 include an unrealized loss of $3.9 million from the aforementioned derivatives. Excluding this non-cash unrealized loss, the net loss for the three month period ended September 30, 2006, was $0.8 million, or $0.03 per basic and diluted common share. Adjusted EBITDA for the three months ended September 30, 2007 was $10.4 million compared to $10.7 million for the three months ended September 30, 2006. (Please refer to the Summary of Selected Data table later in this document for a reconciliation of Adjusted EBITDA to net income.) Nine-Month Results Revenues of $74.8 million were recorded for the nine months ended September 30, 2007, compared to revenues of $67.1 million recorded for the nine months ended September 30, 2006. The increase in revenues is primarily due to an increase in operating days. During the nine months ended September 30, 2007 vessel operating days totalled 4,095 compared to total vessel operating days of 3,885 for the nine months ended September 30, 2006. Net loss was $1.7 million or $0.06 per basic and diluted common share for the nine months ended September 30, 2007, compared to net income of $0.7 million or $0.03 per basic and diluted common share recorded for the nine months ended September 30, 2006. Results for the nine month period ended September 30, 2007, included an unrealized loss of $1.6 million from the change in the fair value of derivatives. Excluding this non-cash unrealized loss, the net loss for the nine month period ended September 30, 2007, was $0.08 million, or $0.00 per basic and diluted common share. Results for the nine month period ended September 30, 2006 include an unrealized loss of $1.9 million from derivatives. Excluding this non-cash unrealized loss, net income for the nine month period ended September 30, 2006, was $2.6 million, or $0.09 per basic and diluted common share. Adjusted EBITDA for the nine months ended September 30, 2007 was $38.1 million compared to $31.2 million for the nine months ended September 30, 2006. (Please refer to the Summary of Selected Data table later in this document for a reconciliation of Adjusted EBITDA to net income.) Fleet Report Aries operates a fleet of ten double-hull products tankers and five container ships. The Company's products tankers consist of five double-hull MR tankers, four double-hull Panamax tankers and one double-hull Aframax tanker. The Company's products tanker fleet has an average age of 8.4 years and an aggregate capacity of approximately 575,325 dwt. The Company's five container ships range in capacity from 1,799 to 2,917 TEU and have an average age of 18.1 years. Fleet Deployment Currently, 13 of Aries' 15 vessels are deployed on period charters with established international charterers and state-owned entities. The charters have remaining periods ranging from approximately 0.4 to 2.8 years, with an average of 1.2 years. The time charter of the Arius, a 1986-built double-hull products tanker, to ST Shipping expired on August 11, 2007 and the vessel has been operating in the spot market since then under the commercial management of the former charterers. On September 23, 2007, the charterers of the Energy 1, a 1989-built container vessel, exercised their option to extend the time charter of the vessel for a period of 6 months to October 2008 at the same rate of $17,297.50 per day. In respect to the Ostria, this vessel is currently undergoing engine repairs and preventative maintenance works and is expected to return to service in December of 2007. Aries has submitted insurance claims with respect to both out-of-service time and repairs related to this vessel. During the current fourth quarter, the Company received approximately $1.2 million in full settlement of its claim under loss-of-hire insurance. The following table details Aries' fleet deployment:
Year Charterer/ Expiration Charterhire
Built of Charter (net per
Vessels Size Subcharterer day)
Products Tankers
Altius 73,400 dwt 2004 Deiulemar/Enel Through $14,860
6/09
Fortius 73,400 dwt 2004 Deiulemar/Enel Through $14,860
8/09
Nordanvind 38,701 dwt 2001 PDVSA Through $19,988
11/08
Ostria 38,701 dwt 2000 Spot market
High Land 41,450 dwt 1992 Trafigura Through $16,575
4/08
High Rider 41,502 dwt 1991 Trafigura Through $16,575
4/08
Arius 83,970 dwt 1986 Spot market
Stena Compass 72,750 dwt 2006 Stena Group Through Bareboat
charter at
8/08 rate of
$18,700 +
30% index
linked
profit
sharing
Stena Compassion 72,750 dwt 2006 Stena Group Through Bareboat
charter at
12/08 rate of
$18,700 +
30% index
linked
profit
sharing
Chinook 38,701 dwt 2001 Stena Group Through $17,062 +
8/08 with 50% of
one profits
12-month over and
extension above
at $17,500
charterers
option
Container
Vessels
Saronikos Bridge 2,917 TEU 1990 CMA CGM Through $20,400
(ex CMA CGM 5/10
Makassar)
CMA CGM Seine 2,917 TEU 1990 CMA CGM Through $20,400
9/10
Energy 1 2,438 TEU 1989 IRISL Through $17,297
10/08
MSC Oslo 2,438 TEU 1989 MSC Through $15,000
3/09
Ocean Hope 1,799 TEU 1989 China Shipping Through $13,300
Container 6/09
Lines
Summary of Selected Data
Three Months Ended
September 30, June 30,
2007 2007
ADJUSTED EBITDA RECONCILIATION (1)
(All amounts in US$000's unless otherwise stated)
NET (LOSS)/INCOME (6,460) 4,240
PLUS : NET INTEREST EXPENSE 5,430 5,544
PLUS : DEPRECIATION AND AMORTIZATION 8,055 7,052
PLUS: CHANGE IN FAIR VALUE OF DERIVATIVES 3,336 (2,181)
ADJUSTED EBITDA 10,361 14,655
FLEET DATA
NUMBER OF VESSELS 15 15
NUMBER OF VESSELS ON PERIOD CHARTER 13 14
WEIGHTED AVERAGE AGE OF FLEET 12.3 12
OPERATING DAYS (2) 1,380 1,365
AVERAGE DAILY RESULTS
TIME CHARTER EQUIVALENT RATE (3) 17,600 19,820
TOTAL VESSEL OPERATING EXPENSES (4) 8,432 7,183
ADJUSTED EBITDA (5) 7,508 10,737
Three Months Ended
September 30, September 30,
2007 2006
ADJUSTED EBITDA RECONCILIATION (1)
(All amounts in US$000's unless otherwise stated)
NET LOSS (6,460) (4,607)
PLUS : NET INTEREST EXPENSE 5,430 5,098
PLUS : DEPRECIATION AND AMORTIZATION 8,055 6,368
PLUS: CHANGE IN FAIR VALUE OF DERIVATIVES 3,336 3,854
ADJUSTED EBITDA 10,361 10,713
FLEET DATA
NUMBER OF VESSELS 15 15
NUMBER OF VESSELS ON PERIOD CHARTER 13 14
WEIGHTED AVERAGE AGE OF FLEET 12.3 11.2
OPERATING DAYS (2) 1,380 1,380
AVERAGE DAILY RESULTS
TIME CHARTER EQUIVALENT RATE (3) 17,600 17,711
TOTAL VESSEL OPERATING EXPENSES (4) 8,432 7,528
ADJUSTED EBITDA (5) 7,508 7,763
Nine Months Ended
September 30, September 30,
2007 2006
ADJUSTED EBITDA RECONCILIATION (1)
(All amounts in US$000's unless otherwise stated)
NET (LOSS)/INCOME (1,687) 711
PLUS : NET INTEREST EXPENSE 16,430 12,818
PLUS : DEPRECIATION AND AMORTIZATION 21,751 15,702
PLUS: CHANGE IN FAIR VALUE OF DERIVATIVES 1,605 1,935
ADJUSTED EBITDA 38,099 31,166
FLEET DATA
NUMBER OF VESSELS 15 15
NUMBER OF VESSELS ON PERIOD CHARTER 13 14
WEIGHTED AVERAGE AGE OF FLEET 12.3 11.2
OPERATING DAYS (2) 4,905 3,885
AVERAGE DAILY RESULTS
TIME CHARTER EQUIVALENT RATE (3) 19,038 17,777
TOTAL VESSEL OPERATING EXPENSES (4) 7,705 6,671
ADJUSTED EBITDA (5) 9,304 8,022
(1) Aries considers Adjusted EBITDA to represent the aggregate of net income, net interest expense, depreciation, amortization and change in the fair value of derivatives. The Company's management uses Adjusted EBITDA as a performance measure. The Company believes that Adjusted EBITDA is useful to investors, because the shipping industry is capital intensive and may involve significant financing costs. Adjusted EBITDA is not an item recognized by GAAP and should not be considered as an alternative to net income, operating income or any other indicator of a company's operating performance required by GAAP. The Company's definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries. (2) Operating days are defined as the total days the vessels were in the Company's possession for the relevant period. (3) Adjusted to reflect that the Stena Compass and the Stena Compassion were each employed on a bareboat charter; an assumed TCE of $24,500 per day has been included in respect of (a) the 92 operating days of the Stena Compass during the three month period ended September 30, 2006, the 91 operating days of the vessel during the three month period ended June 30, 2007 and the 92 operating days of the vessel during the three month period ended September 30, 2007 and (b) the 92 operating days of the Stena Compassion in the three month period ended September 30, 2006, the 91 operating days of the vessel during the three month period ended June 30, 2007 and the 92 operating days of the vessel during the three month period ended September 30, 2007 . (4) Total Vessel Operating Expenses are defined as the sum of the vessel operating expenses, amortization of dry-docking and special survey expense and management fees. Adjusted to exclude the following operating days with respect to the Stena Compass and the Stena Compassion, which were employed on bareboat charters: (a) the 92 operating days of the Stena Compass during the three month period ended September 30, 2006, the 91 operating days of the vessel during the three month period ended June 30, 2007 and the 92 operating days of the vessel during the three month period ended September 30, 2007 and (b) the 92 operating days of the Stena Compassion in the three month period ended September 30, 2006, the 91 operating days of the vessel during the three month period ended June 30, 2007 and the 92 operating days of the vessel during the three month period ended September 30, 2007. (5) Average Adjusted EBITDA per day is calculated by dividing the Adjusted EBITDA by the Operating days. Credit Facility Aries closed on a new, $360 million fully revolving facility in April 2006, which has a term of five years. Aries used the proceeds of the new facility to replace its existing $140 million term loan facility and $150 million revolving credit facility. The Bank of Scotland and Nordea Bank Finland were the joint lead arrangers. Nordea Bank Finland was the book manager, while The Bank of Scotland acts as the Facility Agent. Additionally, The Bank of Scotland and Nordea Bank Finland, who had fully underwritten the new facility, arranged a syndicate of other major ship finance banks to participate in the revolving credit facility. In October 2006, the $360 million commitment conferred by the new credit facility commenced the first of nine semi-annual reductions of $11 million as scheduled. As of September 30, 2007 Aries had an undrawn commitment available under the facility of $51.7 million. Third Quarter 2007 Dividend Today, Aries' Board of Directors declared a $0.21 per share dividend for the three month period ended September 30, 2007. The dividend is payable on November 30, 2007 to shareholders of record on November 26, 2007. Aries' policy is to pay a quarterly dividend in March, May, August and November of each year, in an amount equal to the charter hire received by Aries during the preceding quarter less cash expenses for that quarter (principally vessel operating expenses, debt service and administrative expenses) and any reserves our Board of Directors determines we should maintain. The payment of dividends is at the discretion of the Board. Conference Call and Webcast Information The Company announced that it will hold a conference call on Thursday, November 15, 2007 at 10:00 a.m. Eastern Time to discuss results for the third quarter of 2007. To access the conference call, dial 877-795-3613 for domestic callers, or +1-719-325-4784 for international callers, and use the reservation number 6616834. Following the teleconference, a replay of the call may be accessed by dialing 888-203-1112 for domestic callers, or +1-719-457-0820 for international callers, and using the reservation number 6616834. The replay will be available through Thursday, November 29, 2007. The conference call will also be webcast live on the Company's website: www.ariesmaritime.com. A replay of the webcast will be available following the call through November 29, 2007. About Aries Maritime Transport Limited Aries Maritime Transport Limited is an international shipping company that owns and operates products tankers and container vessels. All of the Company's products tanker vessels are double-hulled with an average age of 8.4 years. The Company's products tanker fleet consists of five MR tankers, four Panamax tankers and one Aframax tanker. The Company also owns a fleet of five container vessels. The Company's container vessels have an average age of 18.1 years and range in capacity from 1,799 to 2,917 TEU. All of Aries Maritime's products tankers and container vessels, other than the Ostria and the Arius, currently have period charter coverage. Charters for 30% of the Company's products tanker fleet currently have profit sharing components. "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This press release includes assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as ''forward-looking statements.'' We caution that assumptions, expectations, projections, intentions and beliefs about future events may and often do vary from actual results and the differences can be material. All statements in this document that are not statements of historical fact are forward-looking statements. Forward-looking statements include, but are not limited to, such matters as future operating or financial results; statements about planned, pending or recent acquisitions, business strategy, future dividend payments and expected capital spending or operating expenses, including drydocking and insurance costs; statements about trends in the container vessel and products tanker shipping markets, including charter rates and factors affecting supply and demand; our ability to obtain additional financing; expectations regarding the availability of vessel acquisitions; and anticipated developments with respect to pending litigation. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although Aries Maritime Transport Limited believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Aries Maritime Transport Limited cannot assure you that it will achieve or accomplish these expectations, beliefs or projections described in the forward looking statements contained in this press release. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter rates and vessel values, failure of a seller to deliver one or more vessels, failure of a buyer to accept delivery of a vessel, inability to procure acquisition financing, default by one or more charterers of our ships, changes in demand for oil and oil products, the effect of changes in OPEC's petroleum production levels, worldwide oil consumption and storage, changes in demand that may affect attitudes of time charterers, scheduled and unscheduled drydocking, changes in Aries Maritime Transport Limited's voyage and operating expenses, including bunker prices, dry-docking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents, international hostilities and political events or acts by terrorists and other factors discussed in Aries Maritime Transport Limited's filings with the U.S. Securities and Exchange Commission from time to time. When used in this document, the words ''anticipate,'' ''estimate,'' ''project,'' ''forecast,'' ''plan,'' ''potential,'' ''will,'' ''may,'' ''should,'' and ''expect'' reflect forward-looking statements. ARIES MARITIME TRANSPORT LIMITED UNAUDITED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTH PERIODS ENDED SEPTEMBER 30, 2007 AND JUNE 30, 2007 (All amounts expressed in thousands of U.S. Dollars, except share and per share amounts)
(Unaudited) (Unaudited)
Three month
period ended Three month
September 30, period ended
2007 June 30, 2007
REVENUES:
Revenue from voyages 23,221 25,999
EXPENSES:
Commissions (526) (564)
Voyage expenses (1,043) (865)
Vessel operating expenses (8,356) (6,646)
General and administrative
expenses (1,559) (729)
Depreciation (7,670) (7,657)
Amortization of dry-docking
and special survey expense (1,213) (1,338)
Management fees (516) (514)
(20,883) (18,313)
Net operating income 2,338 7,686
OTHER INCOME (EXPENSES):
Interest expense (5,646) (5,742)
Interest received 217 198
Other expenses, net (33) (83)
Change in fair value of
derivatives (3,336) 2,181
Total other expenses, net (8,798) (3,446)
NET (LOSS) INCOME (6,460) 4,240
Earnings per share:
Basic and diluted ($0.23) $0.15
Weighted average number of
shares:
Basic and diluted 28,439,818 28,416,877
OTHER FINANCIAL DATA
Three month period Three month
(All amounts in thousands of U.S. ended September 30, period ended
dollars) 2007 June 30, 2007
Net cash provided by operating 4,122 4,908
activities
Net cash used in investing activities (314) (5)
Net cash used in financing activities (5,386) (5,771)
ARIES MARITIME TRANSPORT LIMITED UNAUDITED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTH PERIODS ENDED SEPTEMBER 30, 2007 AND SEPTEMBER 30, 2006 (All amounts expressed in thousands of U.S. Dollars, except share and per share amounts)
(Unaudited) (Unaudited)
Three month Three month
period ended period ended
September 30, September 30,
2007 2006
REVENUES:
Revenue from voyages 23,221 23,374
EXPENSES:
Commissions (526) (334)
Voyage expenses (1,043) (1,043)
Vessel operating expenses (8,356) (6,873)
General and administrative
expenses (1,559) (858)
Depreciation (7,670) (7,945)
Amortization of dry-docking
and special survey expense (1,213) (1,366)
Management fees (516) (494)
(20,883) (18,913)
Net operating income 2,338 4,461
OTHER INCOME (EXPENSES):
Interest expense (5,646) (5,333)
Interest received 217 266
Other expenses, net (33) (147)
Change in fair value of
derivatives (3,336) (3,854)
Total other expenses, net (8,798) (9,068)
NET LOSS (6,460) (4,607)
Earnings per share:
Basic and diluted ($0.23) ($0.16)
Weighted average number of
shares:
Basic and diluted 28,439,818 28,416,877
OTHER FINANCIAL DATA
Three month Three month
period ended period ended
(All amounts in thousands of U.S. September 30, September 30,
dollars) 2007 2006
Net cash provided by operating 4,122 902
activities
Net cash used in investing activities (314) (85)
Net cash used in financing activities (5,386) (7,526)
ARIES MARITIME TRANSPORT LIMITED UNAUDITED CONSOLIDATED STATEMENTS OF INCOME FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2007 AND SEPTEMBER 30, 2006 (All amounts expressed in thousands of U.S. Dollars, except share and per share amounts)
(Unaudited) (Unaudited)
Nine month Nine month
period ended period ended
September September
30, 2007 30, 2006
REVENUES:
Revenue from voyages 74,793 67,113
EXPENSES:
Commissions (1,486) (1,004)
Voyage expenses (3,298) (1,912)
Vessel operating expenses (22,069) (19,254)
General & administrative
expenses (3,131) (3,074)
Depreciation (22,972) (21,760)
Amortization of dry-docking
and special survey expense (3,738) (2,673)
Management fees (1,540) (1,478)
(58,234) (51,155)
Net operating income 16,559 15,958
OTHER EXPENSES:
Interest expense (17,020) (13,563)
Interest received 590 745
Other income (expenses),
net (211) (494)
Change in fair value of
derivatives (1,605) (1,935)
Total other expenses, net (18,246) (15,247)
NET INCOME (1,687) 711
Earnings per share:
Basic and diluted ($0.06) $0.03
Weighted average number of
shares:
Basic and diluted 28,439,818 28,416,877
OTHER FINANCIAL DATA
Nine month Nine month
period ended period ended
(All amounts in thousands of U.S. September 30, September 30,
dollars) 2007 2006
Net cash provided by operating 14,694 26,530
activities
Net cash used in investing activities (385) (109,857)
Net cash used in/ provided by financing (13,069) 75,828
activities
ARIES MARITIME TRANSPORT LIMITED
CONSOLIDATED BALANCE SHEETS
(All amounts expressed in thousands of U.S. Dollars)
(Unaudited)
September 30, December 31,
2007 2006
ASSETS
Current assets
Cash and cash equivalents 12,852 11,612
Restricted cash 3,489 3,242
Trade receivables, net 2,052 1,960
Other receivables 504 172
Derivative financial
instruments - 671
Inventories 1,950 1,496
Prepaid expenses 1,552 338
Due from managing agent 266 444
Due from related parties - 2,495
Total current assets 22,665 22,430
Vessels and other fixed
assets, net 410,520 431,396
Deferred charges, net 3,524 4,214
Restricted cash 1,526 -
Total non-current assets 415,570 435,610
Total assets 438,235 458,040
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable, trade 9,265 11,828
Accrued liabilities 6,058 7,289
Deferred income 1,812 1,947
Derivative financial
instruments 3,481 2,547
Deferred revenue 4,748 6,011
Due to related parties 954 -
Total current
liabilities 26,318 29,622
Long-term debt 284,800 284,800
Deferred revenue 7,512 11,030
Total liabilities 319,630 325,452
Commitments and
contingencies - -
Stockholders' equity
Preferred Stock, $0.01
par value, 30 million
shares authorized, none
issued.
Common Stock, $0.01 par
value, 100 million
shares authorized, 28.5
million shares issued
and outstanding at
September 30, 2007
(2006: 28.4 million
shares) 285 284
Additional paid-in
capital 119,320 132,304
Total stockholders'
equity 119,605 132,588
Total liabilities and
stockholders' equity 438,235 458,040
Company Contacts:
Company Contact:
Richard J.H. Coxall
Chief Financial Officer
Aries Maritime Transport Limited
+30-210-8983787
Investor and Media Contacts
Leon Berman
Principal
The IGB Group
+1-212-477-8438
Michael Cimini
Vice President
The IGB Group
+1-212-477-8261
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