Aries Maritime Announces Completion of Review of Strategic Alternatives
30 Giugno 2008 - 11:30PM
PR Newswire (US)
ATHENS, June 30 /PRNewswire-FirstCall/ -- Aries Maritime Transport
Limited (NASDAQ:RAMS) today announced it has concluded its review
of strategic alternatives that the Company initiated in March of
2008. Mons S. Bolin, President and Chief Executive Officer,
commented, "After careful consideration, the Board of Directors has
concluded its review of various strategic alternatives and decided
that is in the best interests of our shareholders to continue to
execute the Company's operating plan. Management remains focused on
renewing and repositioning our fleet and maintaining our period
charter approach in support of the Company's long-term objectives."
Aries also announced that it has received an extension from its
lenders of its deadline to reduce the outstanding borrowings under
its fully revolving credit facility to $200 million from June 30,
2008 to August 31, 2008. As of June 30, 2008, Aries had reduced the
outstanding borrowings under its fully revolving credit facility to
$223.7 million. Mr. Bolin added, "As previously announced, we
completed the sale of the three oldest vessels in our fleet for a
net price totalling $60.8 million. The proceeds were used to reduce
outstanding borrowings under our fully revolving credit facility.
We continue to seek opportunities to sell one or more vessels. In
accomplishing this goal, we expect to further enhance the age
profile of our fleet and strengthen our financial position in order
to acquire additional vessels for the benefit of our 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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