RAMS Aries Maritime Transport Limited - Common Shares (MM)

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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