Aries in charter agreement with MSC

Aries in charter agreement with MSC

Aries Maritime Transport Limited today announced that it has entered into a period charter with MSC, the second largest container shipping line in the world, for the SCI Tej, a 1989-built container vessel now named the MSC Oslo, following the completion of repairs and preventative maintenance work. The time charter is expected to commence by March 10, 2007, for a period of 24 months at a net rate of US$15,000 per day.

The Company also announced that the Arius, a 1986-built double hulled products tanker, has entered into its second 6-month charter period with ST Shipping (an affiliate of Glencore). Following receipt of two oil major approvals for the Arius, the new minimum net rate for the extended charter is US$18,037.50 per day. The time charter also includes a profit sharing component with a 50 percent share for Aries based on the actual trading of the vessel. The charterer has the option to extend the time charter, which originally commenced on August 1, 2006, for up to a total of 18 months.

Mons S. Bolin, President and Chief Executive Officer, said, "We are pleased to return our entire fleet to service upon entering into a long-term period charter for the MSC Oslo. Our new charter for this vessel follows our extended charter for the Arius, which continues to earn profits well above and beyond the charter hire level. Both of these agreements are consistent with our strategy to secure all of our vessels on profitable period charters. As we continue to strengthen our time charter coverage with leading international charterers, we expect to further improve our revenue and earnings visibility for the benefit of our shareholders."