Aries Maritime Appoints New Chief Financial Officer
12 Giugno 2008 - 10:30PM
PR Newswire (US)
Completes Sale of Three Vessels ATHENS, June 12
/PRNewswire-FirstCall/ -- Aries Maritime Transport Limited
(NASDAQ:RAMS) today announced it has appointed Ioannis Makris as
the Company's Chief Financial Officer, effective immediately. Mr.
Makris, 40, has approximately 15 years of experience in finance and
shipping. Previously, he served as a Banking Executive at Cardiff
Marine Inc., one of the largest Greek-based shipping companies.
Prior to that, Mr. Makris was a Finance and Accounting Manager at
Niki Shipping Company Inc., a private shipping company based in
Athens. He began his career at Ernst & Young, where he was an
auditor and a consultant from 1993 to 1996. Mr. Makris received a
BS in Economics from the London School of Economics and Political
Science and an MS in Economics from Birkbeck College in London. He
is a Chartered Certified Accountant. Mons S. Bolin, President and
Chief Executive Officer, commented, "We are delighted to welcome
Ioannis Makris to Aries Maritime. His financial expertise and
in-depth experience in the shipping industry provides an ideal fit
for our Company." The Company also announced that it has completed
the sale of the Arius, a 1986-built double-hull products tanker, as
well as the Energy 1, a 1989-built container vessel, and its sister
ship, the MSC Oslo, for a net price totalling $60.8 million. With
the delivery of these three vessels, Aries expects to realize a
book profit of approximately $16 million during the second quarter
of 2008. The Company will use the proceeds to reduce outstanding
borrowings under its fully revolving credit facility. Mr. Bolin
added, "We are pleased to complete the sale of our three oldest
vessels, as planned. With this strategic action, we have
considerably enhanced our fleet profile and strengthened our
financial flexibility for the benefit of the Company and its
shareholders." 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. Currently, 11 of the Company's 12 vessels
have period charter coverage. Charters for 30% of the Company's
products tanker fleet 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," "will," "may," "should," and "expect" reflect
forward-looking statements. Investor and Media Contacts: Michael
Cimini Vice President The IGB Group +1-212-477-8261 DATASOURCE:
Aries Maritime Transport Ltd CONTACT: Investor and Media Contacts:
Michael Cimini, Vice President, The IGB Group, +1-212-477-8261
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