RAMS Aries Maritime Transport Limited - Common Shares (MM)

Suspends Quarterly Dividend ATHENS, September 12 /PRNewswire-FirstCall/ -- Aries Maritime Transport Limited (NASDAQ:RAMS) today announced that it expects to report net income of $13.1 million, or $0.46 per basic and diluted common share, for the second quarter of 2008, which includes a $13.6 million gain on the sale of three vessels. The Company expects to report revenues of $19.3 million and net operating income of approximately $2.1 million from continuing operations for the three months ended June 30, 2008. Aries also announced it has suspended payment of its quarterly dividend, effective immediately. The decision follows the new management's strategic review of the Company's business and reflects the Company's focus on improving its long-term strength and operational results. Aries will evaluate the Company's dividend policy on an ongoing basis. Jeff Parry, Chief Executive Officer, commented, "Our preliminary results for the second quarter of 2008 reflect unscheduled out-of service time as well as the sale of our three oldest vessels. The Board has made a prudent decision to suspend Aries' quarterly dividend as management implements a comprehensive turnaround plan aimed at improving future performance and enhancing shareholder value. Specifically, we plan to invest in our operating platform, vessels and infrastructure with the intention of realizing the inherent value in our Company." Second Quarter Earnings Release and Conference Call Information The Company plans to release second quarter 2008 earnings on Thursday, September 18, 2008 before the open of market trading and host an investor conference call the same day at 10:00 a.m. ET to discuss the results. To access the conference call, dial 877-723-9519 for domestic callers, or 719-325-4833 for international callers, and use the reservation number 6140534. Following the teleconference, a replay of the call may be accessed by dialing 888-203-1112 for domestic callers, or 719-457-0820 for international callers, and using the reservation number 6140534. The replay will be available through October 2, 2008. The conference call will also be webcast live on the Company's website, http://www.ariesmaritime.com/. A replay of the audio webcast will be available following the call through October 2, 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 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. Investor and Media Contact: Michael Cimini Vice President The IGB Group +1-212-477-8261 DATASOURCE: Aries Maritime Transport Ltd CONTACT: Investor and Media Contact: Michael Cimini, Vice President, The IGB Group, +1-212-477-8261

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