Aries Maritime Transport Limited today announced that it has reached an agreement to commence a period charter for the High Land, a 1992-built products tanker, and the High Rider, a 1991-built products tanker, with IPG for 12 months at a net rate of $18,525 per day per vessel. The period charter for the High Land commenced on September 29, 2008 and the period charter for the High Rider is expected to commence upon completion of the vessel's current voyage charter on or about October 8, 2008.
Jeff Parry, Chief Executive Officer, commented, "We are pleased to secure attractive period charters for both the High Land and the High Rider. By expanding the period charter coverage for our fleet with these new contracts, combined with our previously announced contract for the MSC Seine, Aries has strengthened its fixed revenue and cash flow streams for the remainder of 2008 and into 2009. Going forward, we will maintain our focus on locking away all of our vessels on profitable period charters over the long term as we continue to implement our comprehensive turnaround plan."
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. Eleven of the Company's 12 vessels are secured on period charters. Charters for three of the Company's products tanker vessels currently have profit-sharing components.
Jeff Parry, Chief Executive Officer, commented, "We are pleased to secure attractive period charters for both the High Land and the High Rider. By expanding the period charter coverage for our fleet with these new contracts, combined with our previously announced contract for the MSC Seine, Aries has strengthened its fixed revenue and cash flow streams for the remainder of 2008 and into 2009. Going forward, we will maintain our focus on locking away all of our vessels on profitable period charters over the long term as we continue to implement our comprehensive turnaround plan."
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. Eleven of the Company's 12 vessels are secured on period charters. Charters for three of the Company's products tanker vessels currently have profit-sharing components.
