Aries Maritime Transport Limited News

Aries Maritime Transport Limited (NASDAQ:RAMS) announced that it received notification from the NASDAQ Listing Qualifications department that it has regained compliance with the $1.00 minimum bid price requirement for continued listing set forth in Listing Rule 5450(a)(1), as its common stock has achieved a closing bid-price of $1.00 or more for 10 consecutive business days, and that this matter is now closed. On September 16, 2009, NASDAQ notified the company that its common stock had fallen out of compliance with one of its standards for continued listing on the NASDAQ Global Market because the common stock failed to achieve at least a $1.00 closing bid price for 30 consecutive business days. The Company had been granted a grace period of 180 calendar days in which to regain compliance.

Aries Maritime Transport Limited (NASDAQ:RAMS) announced that Grandunion Inc., a company controlled by Michail S. Zolotas and Nicholas G. Fistes, acquired 18,977,778 newly issued common shares in Aries in exchange for three capesize drybulk carriers. Of such shares, 2,666,667 were transferred to Rocket Marine Inc., a company controlled by two former directors and principal shareholders in Aries, in exchange for Rocket and its affiliates entering into a voting agreement with Grandunion. Under this voting agreement, Grandunion controls the voting rights relating to the shares owned by Rocket and its affiliates. Grandunion now owns approximately 34.2% of Aries and, as a result of the voting agreement controls the vote of approximately 71% of Aries' outstanding shares.

Grandunion, Inc., a company controlled by Michael Zolotas and Nicholas Fistes, announced that it has entered into a letter of intent with Aries Maritime Transport Limited (NASDAQ:RAMS) that contemplates, among other things, the acquisition of three Capesize drybulk carriers with an approximate net asset value of $36m in exchange for 15,977,778 newly issued shares of Aries, and a change of control of the company's Board of Directors. Upon closing the transaction, Fistes would serve as the Chairman of the Board of Directors, and Zolotas would serve as member of the Board and President of the company. Grandunion would also designate the Chief Financial Officer of the company and four out of seven members of the Board (including Fistes and Zolotas).

Aries Maritime Transport Limited announced that it has reached an agreement to commence a period charter for the , a 1992-built products tanker, and the High Rider, a 1991-built products tanker, with IPG for 12 months at a net rate of $18,525 per day per vessel. The period charter for the commenced on September 29, 2008 and the period charter for the High Rider is expected to commence upon completion of the vessel's current voyage charter on or about October 8, 2008.

Aries Maritime Transport Limited announced it has renewed the bareboat charters for the Stena Compass, a 2006-built double-hull products tanker, and its sister ship, the Stena Compassion, with Stena Group. 2.5% in brokerage commissions. The charters also include a profit-sharing component for Aries equal to 30% of the actual Time Charter Equivalent rate above $26,000 per day per vessel. The charters are scheduled to commence upon expiration of the vessels' current charter. Aries also announced that the CMA CGM Seine, a 1990-built container vessel, is expected to be redelivered to the Company on July 20, 2008 following completion of its scheduled voyage and cargo operations.

Aries Maritime Transport Limited announced the Ostria, a 2000-built products tanker, has returned to service effective January 13, 2008 following the completion of previously announced repairs and preventative maintenance works. The vessel is currently deployed in the spot market as the Company explores period charter opportunities. Aries has received an initial payment of approximately $850,000 in respect to its claim under repairs insurance for the Ostria. The initial payment will be recognized in the fourth quarter of 2007. In addition to insurance claims related to vessel repairs, Aries received approximately $1.2m in full settlement of its claim under loss-of-hire insurance, which will also be recognized in the fourth quarter of 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.

Aries Maritime Transport Limited said that it plans to release second quarter 2007 earnings on Wednesday, August 8, 2007 before the open of market trading and host an investor conference call the same day to discuss the results. To access the conference call domestically, dial 888-208-1812 and for international access, dial 719-457-2654 and state the reservation number 1041369. Following the teleconference, a replay of the call may be accessed domestically by dialing 888-203-1112 or internationally by dialing 719- 457-0820 and entering the reservation number 1041369. The replay will be available through Wednesday, August 22, 2007. The conference call will also be webcast live on the Company's website, www.ariesmaritime.com.

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…

deployment. repairs and upgrades, as previously announced. in the spot market, while period charter opportunities are explored. cost of repairs is expected to total approximately $1.4m. of the vessel from its previous charterer. $17,297.50 per day. for a period of six months at the same rate. previous charterer. has also exercised an option to extend the charter from Europe to the U.S. East Coast. hire. exceeding the maximum off-hire time allowed under the contract. Aries also announced the appointment of Tapas Mukhopadhyay as Aries Fleet Manager, effective November 1, 2006. of Technical Management for Essar Shipping Ltd. of India. Aries' fleet.

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.

Aries Maritime Transport Limited announced that it has entered into a one-and-a-half year time charter agreement with FR8 PTE, an established freight logistics company, for the Bora, a 2000-built double-hull products tanker, at a rate of $17,050 per day. The time charter, which is expected to commence on July 15, 2006, includes a profit sharing component with a 50 percent share for Aries based on the actual trading of the vessel. The company also announced that the Citius, a 1986-built double-hull products tanker, is expected to complete drydock works, which include general overhauls originally scheduled for 2007 and unforeseen repairs to the rudder as well as preventative maintenance, during the week of July 24, 2006.

Aries Maritime Transport Limited announced that it has withdrawn the Bora, a 2000- built double-hull products tanker, from the vessel's charter with PDVSA, and is currently marketing the vessel for a new charter. Mons S. Bolin, President and Chief Executive Officer, commented, "Rates for products tankers remain firm and we are actively pursuing a new charter for the Bora in the international market. We remain committed to employing our vessels on period charters with leading charterers in order to provide shareholders with a stable revenue and dividend stream."

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.

Aries Maritime Transport Limited announced it has taken delivery of the second of two new products tankers it acquired from the Stena Group. Upon delivery, the 72,750 dwt 2006-built double-hulled Panamax products tanker entered into a 2.5 year bareboat charter agreement with the Stena Group at a rate of $18,700 per day, which is equivalent to a time charter rate of approximately $24,500 per day. In addition, the bareboat charter with the Stena Group has a profit sharing component with a 30 percent share for Aries.