Aries Maritime Announces Time Charter

Aries Maritime Transport Limited announced that it has entered into a one-and-a-half year time charter agreement with FR8 PTE, an established freight logistics company, for the Bora, a 2000-built double-hull products tanker, at a rate of $17,050 per day. The time charter, which is expected to commence on July 15, 2006, includes a profit sharing component with a 50 percent share for Aries based on the actual trading of the vessel. The company also announced that the Citius, a 1986-built double-hull products tanker, is expected to complete drydock works, which include general overhauls originally scheduled for 2007 and unforeseen repairs to the rudder as well as preventative maintenance, during the week of July 24, 2006. Following the completion of this work, the Company anticipates that up to an additional ten days will be required to conclude the cleaning, painting, testing, inspection and certification of the vessel. Aries expects the overall work on the Citius to total between $8.5 and $9 million.