Aries Maritime Provides Update on the Ostria

ATHENS, January 24 /PRNewswire/ -- Aries Maritime Transport Limited (NASDAQ: RAMS) today announced the Ostria, a 2000-built products tanker, has returned to service effective January 13, 2008 following the completion of previously announced repairs and preventative maintenance works. The vessel is currently deployed in the spot market as the Company explores period charter opportunities.

Aries has received an initial payment of approximately $850,000 in respect to its claim under repairs insurance for the Ostria. The initial payment will be recognized in the fourth quarter of 2007. In addition to insurance claims related to vessel repairs, Aries received approximately $1.2 million in full settlement of its claim under loss-of-hire insurance, which will also be recognized in the fourth quarter of 2007.

Mons S. Bolin, President and Chief Executive Officer, said, "We are pleased to have all of our vessels in service upon completing repairs and preventative maintenance works to the Ostria. As we continue to focus on further improving our ship operations, we expect to complete the transition of 12 vessels to our new service provider during the current quarter. By taking proactive measures to increase our utilization rate and strengthen our ability to meet the highest operational standards, we expect to provide our shareholders with stable dividends that more accurately reflect the earnings power of our fleet over the long term."

Aries also announced that the Company currently estimates a total of approximately 100 days of out-of-service time for its fleet during the fourth quarter ended December 31, 2007. Approximately 92 of the out-of-service days are related to the Ostria.

The following table details Aries' fleet deployment:

    

    
                            Year  Charterer/     Expiration of   Charterhire
                            Built                Charter          (net per
    Vessels      Size             Subcharterer                    day)
 
    Products
    Tankers
    Altius       73,400 dwt 2004  Deiulemar/Enel Through 6/09      $14,860
    Fortius      73,400 dwt 2004  Deiulemar/Enel Through 8/09      $14,860
    Nordanvind   38,701 dwt 2001  PDVSA          Through 11/08     $19,988
 
    Ostria       38,701 dwt 2000  Spot market
 
    High Land    41,450 dwt 1992  Trafigura      Through 4/08      $16,575
 
    High Rider   41,502 dwt 1991  Trafigura      Through 4/08      $16,575
 
    Arius        83,970 dwt 1986  Spot market
    Stena        72,750 dwt 2006  Stena Group    Through           Bareboat
    Compass                                                        charter at
                                                 8/08              rate of
                                                                   $18,700 +
 
                                                                   30% index
                                                                   linked
                                                                   profit
                                                                   sharing
 
    Stena        72,750 dwt 2006  Stena Group    Through           Bareboat
    Compassion                                                     charter at
                                                 12/08             rate of
 
                                                                   $18,700 +
 
                                                                   30% index
                                                                   linked
                                                                   profit
                                                                   sharing
 
    Chinook      38,701 dwt 2001  Stena Group    Through 8/08 with $17,062 +
                                                 one 12-month      50% of
                                                 extension at      profits
                                                 charterers'option over and
                                                                   above
                                                                   $17,500
    Container
    Vessels
    Saronikos    2,917 TEU  1990  CMA CGM        Through 5/10      $20,400
    Bridge (ex
    CMA CGM
    Makassar)
 
    CMA CGM      2,917 TEU  1990  CMA CGM        Through 9/10      $20,400
    Seine
    Energy 1     2,438 TEU  1989  IRISL          Through 10/08     $17,297
 
    MSC Oslo     2,438 TEU  1989  MSC            Through 3/09      $15,000
 
    Ocean Hope   1,799 TEU  1989  China Shipping Through 6/09      $13,300
                                  Container
                                  Lines

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 8.5 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 18.2 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.

    
    Company Contact:

    Richard J.H. Coxall
    Chief Financial Officer 
    Aries Maritime Transport Limited
    +30-210-8983787

    Investor and Media Contacts:
    Leon Berman
    Principa
    The IGB Group
    +1-212-477-8438

    Michael Cimini
    Vice President
    The IGB Group
    +1-212-477-8261