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

ATHENS, Greece, Nov. 5  /PRNewswire-FirstCall/ -- 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 http://www.ariesmaritime.com/.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from results expressed or implied by this press release. Actual results may differ Aries undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

  CONTACT:

      Investor Relations
      CJP Communications
      Laura Kowalcyk
      [phone] (x209)
      

  SOURCE:  Aries Maritime Transport Limited


DATASOURCE: Aries Maritime Transport Limited



CONTACT:  Laura Kowalcyk, Investor Relations, CJP Communications,

[phone] (x209), 



Web Site:  http://www.ariesmaritime.com/ 

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