Aries Maritime Transport Limited Files Annual Report On Form 20-F

ATHENS, Greece, July 6, 2009 (GLOBE NEWSWIRE) -- Aries Maritime Transport
Limited (Nasdaq:RAMS) today announced that on June 26, 2009 the Company filed
its annual report on Form 20-F for the year ended December 31, 2008. The audit
report of the Company's independent registered public accounting firm,
PricewaterhouseCoopers S.A., included in the Form 20-F contains an explanatory
paragraph which notes that there are specific factors which raise substantial
doubt about the Company's ability to continue as a going concern. These factors
include the Company's 2008 and 2007 net losses and a previously announced
re-classification of long term debt due to its inability to meet certain
financial covenants under its revolving credit facility.

As discussed in Note 1 to the consolidated financial statements, Aries Maritime
is currently in negotiations with its lenders to obtain waivers for certain
financial covenants. The Company has plans in place to improve the performance
and financial strength of the Company. These plans primarily relate to the
reduction of expenses, possible sales of vessels and the potential addition of
assets to enhance future cash earnings.

On June 24, 2009, the Company signed a non-binding letter of intent with
Grandunion, Inc., a company controlled by Nicholas Fistes and Michael Zolotas.,
that contemplates, among other things, the acquisition of three Capesize drybulk
carriers with an approximate net asset value of $36.0 million in exchange for
15,977,778 newly issued shares of the Company and a change of control of the
Company's board of directors. There is no assurance that the Company will enter
into definitive agreements with Grandunion, Inc.

This announcement is issued pursuant to NASDAQ Marketplace Rules and investors
are encouraged to read the entire text of the Company's report on Form 20-F.
This announcement does not represent any change or amendment to the Company's
financial statements or to its Annual Report on Form 20-F for the fiscal year
ended December 31, 2008.

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 two container vessels,
excluding the Ocean Hope, with a capacity of 2,917 TEU per vessel. Seven of the
Company's 11 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.

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CONTACT: Aries Maritime Transport Limited
Ioannis Makris, Chief Financial Officer
(011) 30 210 8983787