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Aries Maritime Announces Extended Period Charter for the Ocean Hope

April 20, 2007

Aries Maritime Transport Limited announced it has extended the existing period charter for the Ocean Hope, a 1989-built container vessel, with China Shipping Container Lines (CSCL). The extended charter is for a period of 24 months at a net rate of $13,300 per day, commencing on June 13, 2007. The Company also announced that the MSC Oslo, a 1989-built container vessel, returned to service on April 14, 2007, following the completion of works necessary to achieve the speed required under the period charter with MSC. MSC is the second largest container shipping line in the world.

For the three months ended March 31, 2007, the Company announced it currently estimates a total of approximately 116 non-revenue days for its fleet, reducing period charter revenue for the first quarter of 2007 by approximately $900,000. The non-revenue days are comprised of scheduled dry-docking for periodic surveys as well as unscheduled out-of-service time.

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