Aries Maritime Transport Limited Announces Fourth Quarter and Full Year 2008 Unaudited...

Aries Maritime Transport Limited Announces Fourth Quarter and Full Year 2008
Unaudited Financial Results

ATHENS, Greece, March 24, 2009 (GLOBE NEWSWIRE) -- Aries Maritime Transport
Limited (Nasdaq:RAMS) today reported its unaudited financial results for the
three and twelve months ended December 31, 2008. The following financial review
discusses the results for the three months ended December 31, 2008, compared
with the results for the three months ended December 31, 2007 as well as results
for the twelve months ended December 31, 2008, compared with the results for the
twelve months ended December 31, 2007. In June 2008, Aries completed the sale of
its three oldest vessels, the Energy 1, MSC Oslo and the Arius, which resulted
in a gain on sale of $13.6 million during the second quarter of 2008. The
results for these vessels and related gain on disposal are reported as
discontinued operations.

Fourth Quarter Results

Revenues of $19.2 million from continuing operations were recorded for the three
months ended December 31, 2008, compared to revenues of $19.8 million recorded
for the three months ended December 31, 2007. Excluding deferred revenue due to
the assumption of charters associated with certain vessel acquisitions as well
as commissions and voyage expenses, total revenues were $16.5 million and $18.3
million for the three month periods ended December 31, 2008 and December 31,
2007, respectively. The decrease in revenues is primarily attributable to lower
utilization for the Saronikos Bridge and the Nordanvind as well as lower charter
rates for the MSC Seine and the Chinook during the three months ended December
31, 2008, compared to the three months ended December 31, 2007. Vessel operating
days totalled 1,104 for both quarters. The Company defines operating days as the
total days the vessels were in the Company's possession for the relevant period.
Total revenue days for the three months ended December 31, 2008, were 1,018 and
total revenue days for the three months ended December 31, 2007, were 1,007. The
Company defines revenue days as the total days the vessels were not off hire or
out of service.

Net loss from continuing operations was $40.5 million or $1.41 basic and diluted
loss per share, for the three months ended December 31, 2008, compared to a net
loss of $5.8 million, or $0.21 basic and diluted loss per share, recorded for
the three months ended December 31, 2007. The results for the fourth quarter of
2008 include a $30.1 million non-cash impairment charge on the value of the
Company's three container vessels as well as a $5.8 million non-cash loss from
the change in the fair value of derivatives. The results for the same period of
2007 include a $2.5 million non-cash loss from the change in the fair value of
derivatives.

Net loss from continuing and discontinued operations for the three months ended
December 31, 2008, was $42 million, or $1.46 basic and diluted loss per share,
compared to a net loss of $7.0 million, or $0.25 basic and diluted loss per
share, recorded for the three months ended December 31, 2007.

Adjusted EBITDA for the three months ended December 31, 2008, was $6.5 million
compared to $7.2 million for the three months ended December 31, 2007. (Please
refer to the Summary of Selected Data table later in this document for a
reconciliation of Adjusted EBITDA to net income.)

Jeff Parry, Chief Executive Officer, commented, "During the fourth quarter and
year-to-date, Aries' new management team continued to take proactive measures
aimed at improving the Company's financial performance. Specifically, our wholly
owned technical management subsidiary, AMT Management, has become a fully
licensed ship manager. In accomplishing this important goal, we have
strengthened our ability to maintain a cost efficient operating structure and
increase the utilization of our diversified fleet. We also continued to
implement our period charter approach through new contracts for two double-hull
products tankers. Based on our progress to date, the Company posted an increase
in Adjusted EBITDA to $6.5 million for the fourth quarter of 2008 from $2.1
million for the third quarter of 2008. Management remains dedicated to improving
the Company's ship operations as we continue to execute our comprehensive
turnaround plan. Going forward, we will maintain our focus on positioning Aries
for long-term success and enhancing shareholder value."

Twelve-Month Results

Revenues of $81.3 million from continuing operations were recorded for the
twelve months ended December 31, 2008, compared to revenues of $81.1 million
recorded for the twelve months ended December 31, 2007. Excluding deferred
revenue due to the assumption of charters associated with certain vessel
acquisitions as well as commissions and voyage expenses, total revenues were
$64.8 million and $70.9 million for the twelve month periods ended December 31,
2008, and December 31, 2007, respectively. The decrease in revenues is primarily
attributable to lower utilization as well as lower charter rates for certain
vessels in the Company's fleet during the twelve months ended December 31, 2008,
compared to the twelve months ended December 31, 2007. During the twelve months
ended December 31, 2008, total vessel operating days were 4,392 compared to
total vessel operating days of 4,380 for the twelve months ended December 31,
2007. Total revenue days for the twelve months ended December 31, 2008, and
December 31, 2007, were 4,100 and 4,159, respectively.

Net loss from continuing operations was $48.7 million or $1.70 basic and diluted
loss per share, for the twelve months ended December 31, 2008, compared to net
loss of $1.9 million, or $0.07 basic and diluted loss per share, recorded for
the twelve months ended December 31, 2007. The results for the twelve months
ended December 31, 2008, include a $30.1 million non-cash impairment charge on
the value of the Company's three container vessels and a $6.5 million non-cash
loss from the change in the fair value of derivatives. Results for the twelve
months ended December 31, 2007 include a $4.1 million non-cash loss from the
change in the fair value of derivatives.

Net loss from continuing and discontinued operations for the twelve months ended
December 31, 2008, was $39.4 million, or $1.38 basic and diluted loss per share,
compared to a net loss of $8.7 million, or $0.31 basic and diluted loss per
share, recorded for the twelve months ended December 31, 2007.

Adjusted EBITDA for the twelve months ended December 31, 2008 was $24.6 million
compared to $40.8 million for the twelve months ended December 31, 2007. (Please
refer to the Summary of Selected Data table later in this document for a
reconciliation of Adjusted EBITDA to net income.)

Fleet Report

Aries operates a fleet of nine double-hull products tankers and three container
ships. Currently, nine of the Company's 12 vessels are secured on period
charters with established international charterers. The charters have remaining
periods ranging from approximately 0.1 to 1.75 years. Charters for two of Aries'
products tanker vessels currently have profit-sharing components.

On October 2, 2008, Aries announced it secured a period charter for the High
Land, a 1992-built products tanker, and the High Rider, a 1991-built products
tanker, with IPG for 12 months. The net rate for both vessels has been
renegotiated to $14,822.50 per day for the High Land and $15,015 per day for the
High Rider pending certain oil major approvals.

The following table details Aries' fleet deployment:

Year Charterer/ Expiration Charterhire
Vessels Size Built Subcharterer of Charter (net per day)
------- ---- ----- ------------ ---------- -------------

Products
--------
Tankers
-------
Altius 73,400 dwt 2004 Deiulemar/Enel Through $14,860
6/09
Fortius 73,400 dwt 2004 Deiulemar/Enel Through $14,860
8/09
Nordanvind 38,701 dwt 2001 Spot market -- --

Ostria 38,701 dwt 2000 Spot market -- --

High Land 41,450 dwt 1992 IPG Through $14,822.50
9/09
High Rider 41,502 dwt 1991 IPG Through $15,015
10/09
Stena
Compass 72,750 dwt 2006 Stena Group Through Bareboat
8/10 charter rate
of $18,232.50
+ 30% of
profits above
$26,000

Stena 72,750 dwt 2006 Stena Group Through Bareboat
Compassion 12/10 charter rate
of $18,232.50
+ 30% of
profits above
$26,000

Chinook 38,701 dwt 2001 Spot market -- --

Container
---------
Vessels
-------
Saronikos 2,917 TEU 1990 CMA CGM Through $20,400
Bridge 5/10

MSC Seine 2,917 TEU 1990 MSC Through $14,918.50
(formerly 9/09
CMA CGM
Seine)
Ocean Hope 1,799 TEU 1989 China Shipping Through $13,300
Container Lines 4/09

Summary of Selected Data

------------------ ------------------
Three Months Ended Three Months Ended
------------------ ------------------
December 31, 2008 December 31, 2007
------------------ ------------------

ADJUSTED EBITDA RECONCILIATION
(1)
------------------------------
(All amounts in US$000's
unless otherwise stated)
NET INCOME (40,543) (5,823)
PLUS : NET INTEREST EXPENSE 4,516 3,633
PLUS : DEPRECIATION AND
AMORTIZATION 6,533 6,345
PLUS : IMPAIRMENT CHARGE 30,075 --
PLUS : CHANGE IN FAIR VALUE OF
DERIVATIVES 5,754 2,455
PLUS : STOCK BASED COMPENSATION 199 569

ADJUSTED EBITDA 6,534 7,179

FLEET DATA

NUMBER OF VESSELS 12 12
AVERAGE NUMBER OF VESSELS ON
PERIOD CHARTER 11 11
WEIGHTED AVERAGE AGE OF FLEET 10.8 9.8
OPERATING DAYS (2) 1,104 1,104

AVERAGE DAILY RESULTS

TIME CHARTER EQUIVALENT
RATE (3) 17,809 19,604
TOTAL VESSEL OPERATING
EXPENSES (4) 9,876 10,774

------------------- -------------------
Twelve Months Ended Twelve Months Ended
------------------- -------------------
December 31, 2008 December 31, 2007
------------------- -------------------

ADJUSTED EBITDA RECONCILIATION
(1)
------------------------------
(All amounts in US$000's
unless otherwise stated)
NET INCOME (48,668) (1,861)
PLUS : NET INTEREST EXPENSE 15,773 16,834
PLUS : DEPRECIATION AND
AMORTIZATION 19,795 20,499
PLUS : IMPAIRMENT CHARGE 30,075 --
PLUS : CHANGE IN FAIR VALUE OF
DERIVATIVES 6,515 4,060
PLUS : STOCK BASED COMPENSATION 1,084 1,232

ADJUSTED EBITDA 24,574 40,764

FLEET DATA

NUMBER OF VESSELS 12 12
AVERAGE NUMBER OF VESSELS ON
PERIOD CHARTER 10.3 11
WEIGHTED AVERAGE AGE OF FLEET 10.8 9.8
OPERATING DAYS (2) 4,392 4,380

AVERAGE DAILY RESULTS

TIME CHARTER EQUIVALENT RATE
(3) 18,814 19,511
TOTAL VESSEL OPERATING
EXPENSES (4) 10,163 7,759

(1) Aries considers Adjusted EBITDA to represent the aggregate of net
income / (loss) from continuing operations, net interest expense,
depreciation, amortization (excluding the effect of the amortization
of the deferred revenue due to the assumption of charters associated
with certain vessels acquisitions), change in the fair value of
derivatives, stock-based compensation expense and impairment loss.
The Company's management uses Adjusted EBITDA as a performance
measure. The Company believes that Adjusted EBITDA is useful to
investors, because the shipping industry is capital intensive and may
involve significant financing costs. Adjusted EBITDA is not an item
recognized by GAAP and should not be considered as an alternative to
net income, operating income or any other indicator of a company's
operating performance required by GAAP. The Company's definition of
Adjusted EBITDA may not be the same as that used by other companies
in the shipping or other industries.
(2) Operating days are defined as the total days the vessels were in
the Company's possession for the relevant period.
(3) Adjusted to reflect that the Stena Compass and the Stena
Compassion were each employed on a bareboat charter; an assumed TCE
of $24,500 per day,reflecting assumed operating costs of $5,800 per
day, has been included in respect of (a) the 92 operating days of the
vessels during the three month period ended December 31, 2008, and
2007,respectively, and (b) the 366 and 365 operating days of the
vessels during the twelve month period ended December 31, 2008, and
2007,respectively.
(4) Total vessel operating expenses are defined as the sum of the
vessel operating expenses, amortization of dry-docking and special
survey expense and management fees adjusted to exclude the following
operating days with respect to the Stena Compass and the Stena
Compassion, which were employed on bareboat charters:
(a) 92 operating days of the vessels during the twelve month
period ended December 31, 2008,and 2007
(b) 366 and 365 operating days of the vessels during the twelve
month period ended December 31, 2008, and 2007, respectively.
Conference Call Information

Aries will hold a conference call on Tuesday, March 24, 2009, at 10:00 a.m.
Eastern Time to discuss results for the fourth quarter of 2008. To access the
conference call, dial (888) 935-4575 for domestic callers, or (718) 354-1387 for
international callers, and use the reservation number 3914367. Following the
teleconference, a replay of the call may be accessed by dialing (866) 883-4489
for domestic callers, or (718) 354-1112 for international callers, and using the
reservation number 3914367. The replay will be available through April 7, 2009.
The conference call will also be webcast live on the Company's website,
http://www.ariesmaritime.com. A replay of the audio webcast will be available
following the call through April 7, 2009.

About Aries Maritime Transport Limited

Aries Maritime Transport Limited is an international shipping company that owns
and operates products tankers and container vessels. The Company's products
tanker fleet consists of five MR tankers and four Panamax tankers, all of which
are double-hulled. The Company also owns a fleet of three container vessels that
range in capacity from 1,799 to 2,917 TEU. Nine of the Company's 12 vessels are
secured on period charters. Charters for two of the Company's products tanker
vessels currently have profit-sharing components.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of
1995

This press release includes assumptions, expectations, projections, intentions
and beliefs about future events. These statements are intended as
''forward-looking statements.'' We caution that assumptions, expectations,
projections, intentions and beliefs about future events may and often do vary
from actual results and the differences can be material. All statements in this
document that are not statements of historical fact are forward-looking
statements. Forward-looking statements include, but are not limited to, such
matters as future operating or financial results; statements about planned,
pending or recent acquisitions, business strategy, future dividend payments and
expected capital spending or operating expenses, including drydocking and
insurance costs; statements about trends in the container vessel and products
tanker shipping markets, including charter rates and factors affecting supply
and demand; our ability to obtain additional financing; expectations regarding
the availability of vessel acquisitions; and anticipated developments with
respect to pending litigation. The forward-looking statements in this press
release are based upon various assumptions, many of which are based, in turn,
upon further assumptions, including without limitation, management's examination
of historical operating trends, data contained in our records and other data
available from third parties. Although Aries Maritime Transport Limited believes
that these assumptions were reasonable when made, because these assumptions are
inherently subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, Aries Maritime
Transport Limited cannot assure you that it will achieve or accomplish these
expectations, beliefs or projections described in the forward looking statements
contained in this press release. Important factors that, in our view, could
cause actual results to differ materially from those discussed in the
forward-looking statements include the strength of world economies and
currencies, general market conditions, including changes in charter rates and
vessel values, failure of a seller to deliver one or more vessels, failure of a
buyer to accept delivery of a vessel, inability to procure acquisition
financing, default by one or more charterers of our ships, changes in demand for
oil and oil products, the effect of changes in OPEC's petroleum production
levels, worldwide oil consumption and storage, changes in demand that may affect
attitudes of time charterers, scheduled and unscheduled drydocking, changes in
Aries Maritime Transport Limited's voyage and operating expenses, including
bunker prices, dry-docking and insurance costs, changes in governmental rules
and regulations or actions taken by regulatory authorities, potential liability
from pending or future litigation, domestic and international political
conditions, potential disruption of shipping routes due to accidents,
international hostilities and political events or acts by terrorists and other
factors discussed in Aries Maritime Transport Limited's filings with the U.S.
Securities and Exchange Commission from time to time. When used in this
document, the words "anticipate," "estimate," "project," "forecast," "plan,"
"potential," "may," "should," and "expect" reflect forward-looking statements.

ARIES MARITIME TRANSPORT LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTH PERIOD ENDED DECEMBER 31, 2008 AND
DECEMBER 31, 2007
(All amounts expressed in thousands of U.S.
Dollars, except share and per share amounts)
--------------------------------------------------------------------

(Unaudited) (Unaudited)
Three month Three month
period ended period ended
December 31, 2008 December 31,2007
------------------------------------
REVENUES:

Revenue from voyages 19,157 19,761

EXPENSES:
Commissions (495) (219)
Voyage expenses (1,600) (868)
Vessel operating expenses (7,619) (8,666)
General & administrative
expenses (1,985) (2,502)
Depreciation (6,011) (5,988)
Impairment Charge (30,075) --
Amortization of dry-docking
and special survey expense (1,090) (744)
Management fees (377) (502)
------------------------------------
(49,252) (19,489)
------------------------------------
Net operating (loss) /
income (30,095) 272

OTHER INCOME/( EXPENSES), NET:
Interest expense (4,533) (3,797)
Interest income 17 164
Other expenses, net (178) (7)
Change in fair value of
derivatives (5,754) (2,455)
------------------------------------
Total other income/
(expenses), net (10,448) (6,095)
------------------------------------

Net loss from continuing
operations (40,543) (5,823)
------------------------------------

Net loss from discontinued
operations (1,480) (1,223)
------------------------------------

Net loss (42,023) (7,046)
------------------------------------

Loss per share:
Basic and diluted

Continuing operations ($ 1.41) ($ 0.21)
------------------------------------

Discontinued operations ($ 0.05) ($ 0.04)
------------------------------------

Total ($ 1.46) ($ 0.25)
------------------------------------

Weighted average number of
shares:
Basic and diluted 28,721,605 28,478,850

------------------------------------

(All amounts in thousands of Three month Three month
U.S. dollars) period ended period ended
December 31, 2008 December 31, 2007

Net cash (used in) / provided
by operating activities 1,381 2,888
Net cash provided by / (used
in) investing activities (10) (90)
Net cash (used in) financing
activities (943) (3,206)

ARIES MARITIME TRANSPORT LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE TWELVE MONTH PERIOD ENDED DECEMBER 31, 2008 AND
DECEMBER 31, 2007
(All amounts expressed in thousands of U.S. Dollars, except share
and per share amounts)
--------------------------------------------------------------------

(Unaudited) (Unaudited)
Twelve month Twelve month
period ended period ended
December 31, 2008 December 31, 2007
------------------------------------
REVENUES:
Revenue from voyages 81,331 81,080

EXPENSES:
Commissions (1,407) (1,049)
Voyage expenses (7,031) (3,119)
Vessel operating expenses (31,338) (23,996)
General & administrative
expenses (7,878) (5,518)
Depreciation (23,912) (23,883)
Impairment Charge (30,075) --
Amortization of dry-docking
and special survey expense (3,997) (2,626)
Management fees (1,860) (1,700)
------------------------------------
(107,498) (61,891)
------------------------------------
Net operating (loss) /
income (26,167) 19,189

OTHER INCOME/( EXPENSES), NET:
Interest expense (16,021) (17,527)
Interest income 248 693
Other expenses, net (213) (156)
Change in fair value of
derivatives (6,515) (4,060)
------------------------------------
Total other income/
(expenses), net (22,501) (21,050)
------------------------------------

Net loss from continuing
operations (48,668) (1,861)
------------------------------------

Net income / (loss) from
discontinued operations
(including gain on sale of
vessels $13,569 for December
31, 2008) 9,234 (6,872)
------------------------------------

------------------------------------
Net loss (39,434) (8,733)
------------------------------------

Earnings/ (loss) per share:
Basic and diluted

Continuing operations ($ 1.70) ($ 0.07)
------------------------------------

Discontinued operations $ 0.32 ($ 0.24)
------------------------------------

------------------------------------
Total ($ 1.38) ($ 0.31)
------------------------------------

Weighted average number of
shares:
Basic and diluted 28,634,186 28,478,850
------------------------------------

Twelve month Twelve month
(All amounts in thousands period ended period ended
of U.S. dollars) December 31, 2008 December 31, 2007

Net cash provided by operating
activities 2,901 17,581
Net cash provided by /
(used in) investing activities 61,083 (2,008)
Net cash (used in) financing
activities (72,419) (14,741)

ARIES MARITIME TRANSPORT LIMITED
CONSOLIDATED BALANCE SHEETS
(All amounts expressed in thousands of U.S. Dollars)
--------------------------------------------------------------------

(Unaudited) (Audited)
December 31, December 31,
------------------------------------
2008 2007
------------------------------------
ASSETS
Current assets
Cash and cash equivalents 4,009 12,444
Restricted cash 8,510 39
Trade receivables, net 2,533 2,219
Other receivables 2,289 1,033
Inventories 1,224 1,969
Prepaid expenses 967 1,681
Due from managing agent 160 814
Due from related parties 49 --
------------------------------------
Total current assets 19,741 20,199
------------------------------------

Vessels and other fixed
assets, net 296,463 400,838
Deferred charges, net 1,573 2,906
Restricted cash -- 1,548
------------------------------------
Total non-current assets 298,036 405,292
------------------------------------
Total assets 317,777 425,491
====================================

LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities
Current portion of long-term
debt 223,710 284,800
Accounts payable, trade 3,444 8,423
Accrued liabilities 7,539 5,297
Deferred income 1,807 2,291
Derivative financial
instruments 12,451 5,936
Deferred revenue 2,144 4,656
Due to related parties -- 594
------------------------------------
Total current liabilities 251,095 311,997
------------------------------------

Deferred revenue 772 6,375
------------------------------------
Total liabilities 251,867 318,372
------------------------------------

Stockholders' equity
Preferred Stock, $0.01 par
value, 30 million shares
authorized, none issued.
Common Stock, $0.01 par
value, 100 million shares
authorized, 29 million
shares issued and
outstanding at December 31,
2008 (2007: 28.6 million
shares) 290 286
Additional paid-in capital 113,787 115,566
Deficit (48,167) (8,733)
------------------------------------
Total stockholders' equity 65,910 107,119
------------------------------------
Total liabilities and
stockholders' equity 317,777 425,491
====================================
-0-
CONTACT: Aries Maritime Transport Limited
Ioannis Makris, Chief Financial Officer
(011) 30 210 8983787

The IGB Group
Investor and Media Contact:
Michael Cimini, Vice President
212-477-8261