Aries Maritime Transport Limited Announces 3Q Results

Friday, November 16, 2007
Aries Maritime Transport Limited reported its financial results for the nine months ended September 30, 2007. Revenues of $23.2m were recorded for the three months ended September 30, 2007, compared to revenues of $26m 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 totaled 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 $6.5m or $0.23 per basic and diluted common share, compared to net income of $4.2m 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 $3.3m 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 $3.1m, or $0.11 per basic and diluted common share. Results for the three month period ended June 30, 2007 included an unrealized gain of $2.2m from the change in the value of the same derivatives. Excluding this non-cash unrealized gain, net income was $2.1m, or $0.07 per basic and diluted common share. Adjusted EBITDA for the three months ended September 30, 2007 was $10.4m compared to $14.7m for the three months ended June 30, 2007.
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