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Thursday, March 28, 2024

Aries Maritime Provides Update on the Bora

Maritime Activity Reports, Inc.

September 26, 2006

Aries Maritime Transport Limited announced that it expects to complete repairs to the Bora, a 2000-built double-hull products tanker, before the end of the second week of October 2006 at a total cost of approximately $1.3 million. Following the completion of repairs, Aries plans to initially employ the vessel in the spot market prior to securing a period charter. The Company's previous time charter arrangement with FR8 PTE has been voided with no claim on either party as a result of passing the cancellation date under the charter terms.