Aries Maritime Announces Extended Bareboat Charters for Two Products Tankers
18 Luglio 2008 - 3:00PM
PR Newswire (US)
Updates Fleet Deployment ATHENS, July 18 /PRNewswire-FirstCall/ --
Aries Maritime Transport Limited (NASDAQ:RAMS) today 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. The charters will be for 23 to
25 months at a gross rate of $18,700 per day per vessel, less 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 and the charterer mutually
agreed to the redelivery following damage to the main engine of the
vessel, which will undergo repairs that are expected to be
completed by the end of August 2008. Jeff Parry, Chief Executive
Officer, commented, "We are pleased to renew the bareboat charters
for the Stena Compass and Stena Compassion with a leading
international shipping group. Our new management team is committed
to increasing shareholder value, and we believe these charters
represent a positive first step. Consistent with our turnaround
efforts, we are working closely with our third-party ship managers
to improve our fleet's technical performance. As the CMA CGM Seine
undergoes repairs, we will evaluate options including new period
charter opportunities as well as a possible sale of the vessel."
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. Eight of the Company's 12 vessels have period charter
coverage. Charters for three 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. SK 23248 0002 902643 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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