ATHENS, Greece, April 22 /PRNewswire-FirstCall/ -- Aries Maritime
Transport Limited (NASDAQ:RAMS) today reported its financial
results for the three months and year ended December 31, 2007. The
following financial review discusses the results for the three
months ended December 31, 2007 compared with the three months ended
September 30, 2007 to provide a more meaningful comparison. It also
refers to the results for the three months ended December 31, 2007
compared with the results for the three months ended December 31,
2006 as well as results for the twelve months ended December 31,
2007 compared with the results for the twelve months ended December
31, 2006. Sequential Quarterly Results Revenues of $25.5 million
were recorded for the three months ended December 31, 2007,
compared to revenues of $23.2 million recorded for the three months
ended September 30, 2007. The increase in revenues is primarily due
to less off-hire time for certain vessels during the three months
ended December 31, 2007 compared to the three month period ended
September 30, 2007. As of December 31, 2007, the fleet comprised
ten products tankers and five container ships, which is the same
number of vessels as of September 30, 2007. During the three months
ended December 31, 2007, vessel operating days totaled 1,380,
compared to total vessel operating days of 1,380 for the three
months ended September 30, 2007. Actual revenue days for the three
month period ended December 31, 2007 were 1,340 days, which
includes 60 days of loss-of-hire insurance proceeds in respect to
the Ostria, compared with 1,230 days for the three month period
ended September 30, 2007. Net loss for the three months ended
December 31, 2007 was $7.0 million or $0.25 per basic and diluted
common share, compared to net loss of $6.5 million or $0.23 per
basic and diluted common share recorded for the three months ended
September 30, 2007. Results for the three month period ended
December 31, 2007 include an unrealized loss of $2.5 million from
the change in the fair value of derivatives, which are interest
rate swaps entered into to hedge the Company's exposure to US$
interest rates on its debt and do not represent results from
operations. Excluding this non-cash unrealized loss, the net loss
for the three month period ended December 31, 2007, was $4.5
million, or $0.16 per basic and diluted common share. Results for
the three month period ended September 30, 2007 include an
unrealized loss of $3.3 million from the change in the value of the
same derivatives. Excluding this non-cash unrealized loss, net loss
was $3.1 million, or $0.11 per basic and diluted common share.
Adjusted EBITDA for the three months ended December 31, 2007 was
$9.8 million compared to $10.8 million for the three months ended
September 30, 2007. (Please refer to the Summary of Selected Data
table later in this document for a reconciliation of Adjusted
EBITDA to net income.) Mons S. Bolin, President and Chief Executive
Officer, commented, "During 2007 and into 2008, Aries took active
measures to optimize its future commercial performance and support
its long-term dividend objectives. Specifically, we further
implemented our period charter strategy by signing new contracts
for three vessels at attractive rates with an average minimum
duration of 22 months. Second, we engaged alternative ship
management for all 12 vessels managed by our main ship management
service provider. Third, we entered into agreements to sell three
of our oldest ships, a 1986-built products tanker and two container
vessels, at favorable prices. During a time when we continue the
exploration of strategic alternatives, we remain committed to
resuming the distribution of quarterly dividends beginning with the
first quarter of 2008." Year-Over-Year Fourth Quarter Results
Revenues of $25.5 million were recorded for the three months ended
December 31, 2007, compared to revenues of $27.1 million recorded
for the three months ended December 31, 2006. The decrease in
revenues is primarily attributable to higher revenues earned by
certain ships during the three months ended December 31, 2006
compared to the three month period ended December 31, 2007. Net
loss was $7.0 million or $0.25 per basic and diluted common share
for the three months ended December 31, 2007, compared to net
income of $1.5 million or $0.05 per basic and diluted common share
recorded for the three months ended December 31, 2006. Results for
the three month period ended December 31, 2007, included an
unrealized loss of $2.5 million from the change in the fair value
of derivatives. Excluding this non-cash unrealized loss, the net
loss for the three month period ended December 31, 2007, was $4.5
million, or $0.16 per basic and diluted common share. Results for
the three month period ended December 31, 2006 include an
unrealized gain of $0.1 million from the aforementioned
derivatives. Excluding this non-cash unrealized gain, the net
income for the three month period ended December 31, 2006, was $1.4
million, or $0.05 per basic and diluted common share. Adjusted
EBITDA for the three months ended December 31, 2007 was $9.8
million compared to $12.4 million for the three months ended
December 31, 2006. (Please refer to the Summary of Selected Data
table later in this document for a reconciliation of Adjusted
EBITDA to net income.) Twelve-Month Results Revenues of $99.4
million were recorded for the twelve months ended December 31,
2007, compared to revenues of $94.2 million recorded for the twelve
months ended December 31, 2006. The increase in revenues is
primarily due to an increase in operating days. During the twelve
months ended December 31, 2007 vessel operating days totaled 5,475
compared to total vessel operating days of 5,265 for the twelve
months ended December 31, 2006. Net loss was $8.7 million or $0.31
per basic and diluted common share for the twelve months ended
December 31, 2007, compared to net income of $2.2 million or $0.08
per basic and diluted common share recorded for the twelve months
ended December 31, 2006. Results for the twelve month period ended
December 31, 2007 include an unrealized loss of $4.1 million from
the change in the fair value of derivatives. Excluding this
non-cash unrealized loss, the net loss for the twelve month period
ended December 31, 2007, was $4.6 million, or $0.16 per basic and
diluted common share. Results for the twelve month period ended
December 31, 2006 include an unrealized loss of $1.8 million from
derivatives. Excluding this non-cash unrealized loss, net income
for the twelve month period ended December 31, 2006, was $4
million, or $0.14 per basic and diluted common share. Adjusted
EBITDA for the twelve months ended December 31, 2007 was $48.8
million compared to $43.5 million for the twelve months ended
December 31, 2006. (Please refer to the Summary of Selected Data
table later in this document for a reconciliation of Adjusted
EBITDA to net income.) Fleet Report Aries currently operates a
fleet of ten double-hull products tankers and five container ships.
In March 2008, the Company announced agreements for the sale of the
Arius, a 1986-built double-hull products tanker, as well as the
Energy 1, a 1989-built container vessel, and its sister ship, the
MSC Oslo, for a net price totaling approximately $61.8 million.
These transactions are expected to realize a book profit totaling
approximately $17 million upon delivery of the three vessels during
the second quarter of 2008. The Company will use the proceeds to
reduce outstanding borrowings under its fully revolving credit
facility. Fleet Deployment Currently, 11 of Aries' 15 vessels are
deployed on period charters with established international
charterers and state-owned entities. The charters have remaining
periods ranging from approximately 0.1 to 2.4 years. On January 13,
2008, the Ostria, a 2000-built products tanker, returned to service
in the spot market following the completion of previously announced
repairs and preventative maintenance works. Aries received an
initial payment of approximately $850,000 in respect to its claim
under repairs insurance and $1.2 million in full settlement of its
claim under loss-of-hire insurance. Both claims were recognized in
the fourth quarter of 2007. The Company expects to recognize
further payments from repairs insurance during the first quarter
ended March 31, 2008. In respect to the Energy 1, this vessel is
currently undergoing previously announced repairs and is expected
to return to service in May of 2008. Aries intends to submit
insurance claims with respect to both out-of-service time and
engine repairs related to this vessel. The charterer has exercised
its option to redeliver the Energy 1 due to the vessel exceeding
the maximum off- hire time allowed under the contract. Aries
expects to deliver the Energy 1 under the aforementioned sale
agreement upon the completion of repairs to the vessel. In March
2008, the period charter for the High Rider, a 1991-built double-
hull products tanker, expired. The vessel is currently operating in
the spot market as the Company seeks long-term period charter
opportunities. The initial voyage charter for the High Rider is
expected to generate a TCE equivalent of approximately $21,000 per
day. On March 7, 2008, Aries announced that its Board of Directors
initiated a review to evaluate strategic alternatives to enhance
shareholder value. These alternatives may include, but are not
limited to the sale or merger of the Company, other strategic
transactions, potential capital raises, and the continued execution
of the Company's operating plan. The Company has retained Merrill
Lynch & Co. as an advisor in connection with the evaluation
process. 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. The following table details Aries' fleet deployment:
Year Charterer/ Expiration Charterhire Vessels Size Built
Subcharterer of Charter (net per day) Products Tankers Altius
73,400 dwt 2004 Deiulemar/Enel Through 6/09 $14,860 Fortius 73,400
dwt 2004 Deiulemar/Enel Through 8/09 $14,860 Nordanvind 38,701 dwt
2001 PDVSA Through 11/08 $19,988 Ostria 38,701 dwt 2000 Spot market
High Land 41,450 dwt 1992 Trafigura Through 05/08 $16,575 High
Rider 41,502 dwt 1991 Spot market Arius 83,970 dwt 1986 Spot market
Stena 72,750 dwt 2006 Stena Group Through 8/08 Bareboat charter
Compass at rate of $18,700 + 30% index linked profit sharing Stena
72,750 dwt 2006 Stena Group Through 12/08 Bareboat charter
Compassion at rate of $18,700 + 30% index linked profit sharing
Chinook 38,701 dwt 2001 Stena Group Through 8/08 $17,062 + 50% of
profits over and above $17,500 Container Vessels Saronikos 2,917
TEU 1990 CMA CGM Through 5/10 $20,400 Bridge (ex CMA CGM Makassar)
CMA CGM 2,917 TEU 1990 CMA CGM Through 9/10 $20,400 Seine Energy 1
2,438 TEU 1989 - MSC Oslo 2,438 TEU 1989 MSC Through 3/09 $15,000
Ocean Hope 1,799 TEU 1989 China Shipping Through 6/09 $13,300
Container Lines Summary of Selected Data Three Months Ended
December 31, September 30, 2007 2007 ADJUSTED EBITDA RECONCILIATION
(1) (All amounts in US$000's unless otherwise stated) NET LOSS
(7,046) (6,460) PLUS : NET INTEREST EXPENSE 5,786 5,430 PLUS :
DEPRECIATION AND AMORTIZATION 8,582 8,508 PLUS: CHANGE IN FAIR
VALUE OF DERIVATIVES 2,455 3,336 ADJUSTED EBITDA 9,777 10,814 FLEET
DATA NUMBER OF VESSELS 15 15 NUMBER OF VESSELS ON PERIOD CHARTER 13
13 WEIGHTED AVERAGE AGE OF FLEET 11.7 11.5 OPERATING DAYS (2) 1,380
1,380 AVERAGE DAILY RESULTS TIME CHARTER EQUIVALENT RATE (3) 19,233
17,600 TOTAL VESSEL OPERATING EXPENSES (4) 9,966 8,432 ADJUSTED
EBITDA (5) 7,085 7,836 Three Months Ended December 31, December 31,
2007 2006 ADJUSTED EBITDA RECONCILIATION (1) (All amounts in
US$000's unless otherwise stated) NET LOSS (INCOME) (7,046) 1,488
PLUS : NET INTEREST EXPENSE 5,786 5,386 PLUS : DEPRECIATION AND
AMORTIZATION 8,582 5,623 PLUS: CHANGE IN FAIR VALUE OF DERIVATIVES
2,455 (146) ADJUSTED EBITDA 9,777 12,351 FLEET DATA NUMBER OF
VESSELS 15 15 NUMBER OF VESSELS ON PERIOD CHARTER 13 13 WEIGHTED
AVERAGE AGE OF FLEET 11.7 10.7 OPERATING DAYS (2) 1,380 1,380
AVERAGE DAILY RESULTS TIME CHARTER EQUIVALENT RATE (3) 19,233
20,402 TOTAL VESSEL OPERATING EXPENSES (4) 9,966 7,690 ADJUSTED
EBITDA (5) 7,085 8,950 Twelve Months Ended December 31, December
31, 2007 2006 ADJUSTED EBITDA RECONCILIATION (1) (All amounts in
US$000's unless otherwise stated) NET (LOSS)/INCOME (8,733) 2,199
PLUS : NET INTEREST EXPENSE 22,217 18,204 PLUS : DEPRECIATION AND
AMORTIZATION 31,257 21,326 PLUS: CHANGE IN FAIR VALUE OF
DERIVATIVES 4,060 1,788 ADJUSTED EBITDA 48,801 43,517 FLEET DATA
NUMBER OF VESSELS 15 15 NUMBER OF VESSELS ON PERIOD CHARTER 13 13
WEIGHTED AVERAGE AGE OF FLEET 11.7 10.7 OPERATING DAYS (2) 5,475
5,265 AVERAGE DAILY RESULTS TIME CHARTER EQUIVALENT RATE (3) 18,933
18,464 TOTAL VESSEL OPERATING EXPENSES (4) 8,275 6,871 ADJUSTED
EBITDA (5) 8,913 8,265 (1) Aries considers Adjusted EBITDA to
represent the aggregate of net income, net interest expense,
depreciation, amortization and change in the fair value of
derivatives. The Company's management uses Adjusted EBITDA as a
performance measure. The Company believes that Adjusted EBITDA is
useful to investors, because the shipping industry is capital
intensive and may involve significant financing costs. Adjusted
EBITDA is not an item recognized by GAAP and should not be
considered as an alternative to net income, operating income or any
other indicator of a company's operating performance required by
GAAP. The Company's definition of Adjusted EBITDA may not be the
same as that used by other companies in the shipping or other
industries. (2) Operating days are defined as the total days the
vessels were in the Company's possession for the relevant period.
(3) Adjusted to reflect that the Stena Compass and the Stena
Compassion were each employed on a bareboat charter; an assumed TCE
of $24,500 per day has been included in respect of (a) the 92
operating days of the vessels during the three month period ended
September 30, 2007 (b) the 92 operating days of the vessels during
the three month period ended December 31, 2007 and ( c ) the 365
operating days of the vessels during the twelve month period ended
December 31, 2007. (4) Total Vessel Operating Expenses are defined
as the sum of the vessel operating expenses, amortization of
dry-docking and special survey expense and management fees.
Adjusted to exclude the following operating days with respect to
the Stena Compass and the Stena Compassion, which were employed on
bareboat charters: (a) the 92 operating days of the vessels during
the three month period ended September 30, 2007 (b) the 92
operating days of the vessels during the three month period ended
December 31, 2007 and ( c ) the 365 operating days of the vessels
during the twelve month period ended December 31, 2007. (5) Average
Adjusted EBITDA per day is calculated by dividing the Adjusted
EBITDA by the Operating days. Credit Facility On March 25, 2008,
the Company announced it received consent from its lenders to a
relaxation of the interest coverage covenant contained in its fully
revolving credit facility from December 31, 2007 through September
30, 2008. The Company also voluntarily agreed to reduce the
commitment under its fully revolving credit facility to $290
million. 2007 Dividend Aries' Board of Directors declared and paid
an aggregate dividend of $0.56 per share for three quarters of
2007. The Company temporarily suspended payment of its quarterly
dividend for 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 for the first quarter of 2008. Aries
expects to declare a first quarter dividend for the three-month
period ended March 31, 2008 on May 13, 2008. Aries' policy is to
pay a quarterly dividend in March, May, August and November of each
year, in an amount equal to the charter hire received by Aries
during the preceding quarter less cash expenses for that quarter
(principally vessel operating expenses, debt service and
administrative expenses) and any reserves our Board of Directors
determines we should maintain. The payment of dividends is at the
discretion of the Board. Conference Call and Webcast Information
The Company announced that it will hold a conference call on
Tuesday, April 22, 2008, at 10:00 a.m. Eastern Time to discuss
results for the fourth quarter of 2007. To access the conference
call, dial (877) 741-4253 for domestic callers, or (719) 325-4799
for international callers, and use the reservation number 2706746.
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
2706746. The replay will be available through May 6, 2008. The
conference call will also be webcast live on the Company's website:
http://www.ariesmaritime.com/ . A replay of the webcast will be
available following the call through May 6, 2008. 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 7.3 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 Oslo,
that have an average age of 18.4 years and range in capacity from
1,799 to 2,917 TEU. Currently, 11 of the Company's 15 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. ARIES MARITIME TRANSPORT LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTH
PERIODS ENDED DECEMBER 31, 2007 AND SEPTEMBER 30, 2007 (All amounts
expressed in thousands of U.S. Dollars, except share and per share
amounts) (Unaudited) (Unaudited) Three month Three month period
ended period ended December 31, 2007 September 30, 2007 REVENUES:
Revenue from voyages 25,474 23,221 EXPENSES: Commissions (513)
(526) Voyage expenses (1,784) (1,043) Vessel operating expenses
(10,005) (8,356) General and administrative expenses (2,536)
(1,559) Depreciation (7,681) (7,670) Amortization of dry-docking
and special survey expense (1,356) (1,213) Management fees (631)
(516) (24,506) (20,883) Net operating income 968 2,338 OTHER INCOME
(EXPENSES): Interest expense (5,698) (5,646) Interest received 172
217 Other expenses, net (33) (33) Change in fair value of
derivatives (2,455) (3,336) Total other expenses, net (8,013)
(8,798) NET LOSS (7,046) (6,460) Earnings per share: Basic and
diluted ($0.25) ($0.23) Weighted average number of shares: Basic
and diluted 28,478,959 28,439,818 Other Financial Data Three month
Three month (All amounts in thousands of U.S. period ended period
ended dollars) December 31, 2007 September 30, 2007 Net cash
provided by operating activities 2,887 4,122 Net cash used in
investing activities (51) (314) Net cash used in financing
activities (3,244) (5,386) ARIES MARITIME TRANSPORT LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTH
PERIODS ENDED DECEMBER 31, 2007 AND DECEMBER 31, 2006 (All amounts
expressed in thousands of U.S. Dollars, except share and per share
amounts) (Unaudited) (Unaudited) Three month Three month period
ended period ended December 31, 2007 December 31, 2006 REVENUES:
Revenue from voyages 25,474 27,087 EXPENSES: Commissions (513)
(400) Voyage expenses (1,784) (2,164) Vessel operating expenses
(10,005) (7,837) General and administrative expenses (2,536)
(1,151) Depreciation (7,681) (7,671) Amortization of dry-docking
and special survey expense (1,356) (896) Management fees (631)
(520) (24,506) (20,639) Net operating income 968 6,448 OTHER INCOME
(EXPENSES): Interest expense (5,698) (5,572) Interest received 172
186 Other income (expenses), net (33) 280 Change in fair value of
derivatives (2,455) 146 Total other expenses, net (8,013) (4,960)
NET LOSS (INCOME) (7,046) 1,488 Earnings per share: Basic and
diluted ($0.25) $0.05 Weighted average number of shares: Basic and
diluted 28,478,959 28,416,877 Other Financial Data Three month
Three month (All amounts in thousands of U.S. period ended period
ended dollars) December 31, 2007 December 31, 2006 Net cash
provided by / used in operating activities 2,887 (2,315) Net cash
used in /provided by investing activities (51) 8,042 Net cash used
in financing activities (3,244) (5,864) ARIES MARITIME TRANSPORT
LIMITED UNAUDITED CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS
ENDED DECEMBER 31, 2007 AND DECEMBER 31, 2006 (All amounts
expressed in thousands of U.S. Dollars, except share and per share
amounts) (Unaudited) (Audited) Year ended Year ended December 31,
2007 December 31, 2006 REVENUES: Revenue from voyages 99,423 94,199
EXPENSES: Commissions (1,999) (1,403) Voyage expenses (5,082)
(4,076) Vessel operating expenses (32,073) (27,091) General &
administrative expenses (5,666) (4,226) Depreciation (30,653)
(29,431) Amortization of dry-docking and special survey expense
(5,094) (3,568) Management fees (2,171) (1,999) (82,738) (71,794)
Net operating income 16,685 22,405 OTHER EXPENSES: Interest expense
(21,875) (19,135) Interest received 762 931 Other expenses, net
(245) (214) Change in fair value of derivatives (4,060) (1,788)
Total other expenses, net (25,418) (20,206) NET LOSS/ (INCOME)
(8,733) 2,199 Earnings per share: Basic and diluted ($0.31) $0.08
Weighted average number of shares: Basic and diluted 28,478,959
28,416,877 Other Financial Data (All amounts in thousands of U.S.
Year ended Year ended dollars) December 31, 2007 December 31, 2006
Net cash provided by operating activities 17,581 24,215 Net cash
used in investing activities (436) (101,815) Net cash used in/
provided by financing activities (16,313) 69,964 ARIES MARITIME
TRANSPORT LIMITED CONSOLIDATED BALANCE SHEETS (All amounts
expressed in thousands of U.S. Dollars) (Unaudited) December 31,
2007 December 31, 2006* ASSETS Current assets Cash and cash
equivalents 12,444 11,612 Restricted cash 39 3,242 Trade
receivables, net 2,219 1,960 Other receivables 1,033 172 Derivative
financial instruments - 671 Inventories 1,969 1,496 Prepaid
expenses 1,681 338 Due from managing agent 814 444 Due from related
parties - 2,495 Total current assets 20,199 22,430 Vessels and
other fixed assets, net 400,838 431,396 Deferred charges, net 2,906
4,214 Restricted cash 1,548 - Total non-current assets 405,292
435,610 Total assets 425,491 458,040 LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities Current portion of long-term debt 84,800
- Accounts payable, trade 8,423 11,828 Accrued liabilities 5,297
7,289 Deferred income 2,291 1,947 Derivative financial instruments
5,936 2,547 Deferred revenue 4,656 6,011 Due to related parties 594
- Total current liabilities 111,997 29,622 Long-term debt, net of
current portion 200,000 284,800 Deferred revenue 6,375 11,030 Total
liabilities 318,372 325,452 Commitments and contingencies
Stockholders' equity Preferred Stock, $0.01 par value, 30 million
shares authorized, none issued. Common Stock, $0.01 par value, 100
million shares authorized, 28.6 million shares issued and
outstanding at December 31, 2007 (2006: 28.4 million shares) 286
284 Additional paid-in capital 115,566 132,304 Deficit (8,733) -
Total stockholders' equity 107,119 132,588 Total liabilities and
stockholders' equity 425,491 458,040 *The amounts in this column
have been extracted from audited financial statements DATASOURCE:
Aries Maritime Transport Limited CONTACT: Company: Richard J.H.
Coxall, Chief Financial Officer of Aries Maritime Transport
Limited, (011) 30 210 8983787; Investors and Media: Michael Cimini,
Vice President of The IGB Group, +1-212-477-8261 Web site:
http://www.ariesmaritime.com/
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