Aries Maritime Transport Ltd News
Aries Maritime Transport Limited Announces Sale of Two Container Vessels and Provides Dividend Update
Mons S. Bolin, President and Chief Executive Officer, said, "Following our previously announced agreement on
The Company also announced it has temporarily suspended payment of its quarterly dividend, effective for the dividend in respect of the fourth quarter of 2007. The Company expects to resume the distribution of quarterly dividends, as determined by its Board of Directors and consistent with its dividend policy, beginning with the dividend in respect of the first quarter of 2008.
The Company has received consent from its lenders to a relaxation of the interest coverage covenant contained in its fully revolving credit facility from
On
The Company has retained Merrill Lynch & Co. as an advisor in connection with the evaluation process. The Company noted that there can be no assurance that the exploration of strategic alternatives will result in any transaction and it undertakes no obligation to make any further announcements regarding the exploration of strategic alternatives until the outcome of the process is completed or until there are material developments.
About Aries Maritime Transport Limited
Aries Maritime Transport Limited is an international shipping company that owns and operates products tankers and container vessels. All of the Company's products tanker vessels are double-hulled with an average age of 7.2 years, which excludes the Arius. Upon completing the sale of the Arius, the Company's products tanker fleet will consist of five MR tankers and four Panamax tankers. The Company also owns a fleet of three container vessels, which excludes the Energy 1 and the MSC
"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: Leon Berman Principal The IGB Group +1-212-477-8438 Michael Cimini Vice President The IGB Group +1-212-477-8261
SOURCE Aries Maritime Transport Ltd
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