Aries Maritime Takes Delivery of Products Tankers

Aries Maritime Transport Limited announced that it has taken delivery of the Chinook, a 2001-built 38,700 dwt double-hulled products tanker. The Chinook was acquired from German owners for $32.6 million. The purchase price is inclusive of the ship's existing time charter with Italian stock listed group Navigazione Montanari at the gross rate of $13,100 per day for the remainder of this year and $13,700 per day until expiration of the contract in January 2007. In addition to the Chinook, the Company expects to take delivery of two Panamax newbuildings in December 2005 and March 2006. Following the delivery of these vessels, Aries will operate a fleet of ten double-hulled products tankers with an average age of 6.3 years and total dwt of 575,325. 100% of the Company's products fleet will be employed on profitable time charters with an average duration of 2.5 years. Three of the Company's products tankers will have profit sharing agreements as part of their charters.