UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of November 2008
Commission
File Number: 001-32520
|
ARIES
MARITIME TRANSPORT LIMITED
|
|
|
|
(Translation
of registrant’s name into English)
|
|
|
|
18
Zerva Nap. Str.
166
75 Glyfada
Athens,
Greece
|
|
(Address
of principal executive office)
|
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form
20-F [ X ] Form 40-F [ ]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ___
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)7: ___
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Attached
as Exhibit 1 to this report on Form 6-K is a press release dated November 20,
2008 of Aries Maritime Transport Limited (the “Company”) announcing its
financial results for the third quarter of 2008.
Exhibit
1
|
Company
Contact:
|
|
Investor
and Media Contact:
|
|
Ioannis
Makris
|
|
Michael
Cimini
|
|
Chief
Financial Officer
|
|
Vice
President
|
|
Aries
Maritime Transport Limited
|
|
The
IGB Group
|
|
(011)
30 210 8983787
|
|
212-477-8261
|
|
|
|
|
|
|
|
|
Aries
Maritime Transport Limited Announces
Third
Quarter 2008 Financial Results
ATHENS,
GREECE, November 20, 2008 – Aries Maritime Transport Limited (NASDAQ: RAMS)
today reported its financial results for the three and nine months ended
September 30, 2008. The following financial review discusses the results for the
three months ended September 30, 2008 compared with the results for the three
months ended September 30, 2007 as well as results for the nine months ended
September 30, 2008 compared with the results for the nine months ended September
30, 2007. In June 2008, Aries completed the sale of its three oldest vessels,
the Energy 1, MSC Oslo and the Arius, which resulted in a book profit totaling
$13.6 million during the second quarter of 2008. The results for these vessels
are reported as discontinued operations.
Third
Quarter Results
Revenues
of $22.9 million from continuing operations were recorded for the three months
ended September 30, 2008, compared to revenues of $17.9 million recorded for the
three months ended September 30, 2007. Excluding deferred revenue due to the
assumption of charters associated with certain vessel acquisitions as well as
commissions and voyage expenses, total revenues were $14.1 million and $15.7
million for the three month periods ended September 30, 2008 and September 30,
2007, respectively. The decrease in revenues is primarily attributable to lower
utilization during the three months ended September 30, 2008 compared to the
three months ended September 30, 2007. Additionally, the Company employed three
vessels in the spot market during the third quarter of 2008 compared to one
vessel in the year-earlier period, which led to an increase in voyage expenses
for the three month period ended September 30, 2008. Vessel operating days
totalled 1,104 for both quarters. The Company defines operating days as the
total days the vessels were in the Company’s possession for the relevant period.
Total actual revenue days for the three months ended September 30, 2008 were 984
and total actual revenue days for the three months ended September 30, 2007 were
1,008. The Company defines revenue days as the total days the vessels were not
out of service.
Net
loss from continuing operations was $4.7 million, or $0.17 basic and diluted
loss per share, for the three months ended September 30, 2008, compared to a net
loss of $5.1 million, or $0.18 basic and diluted loss per share, recorded for
the three months ended September 30, 2007.
Results
for the three month period ended September 30, 2008, included an unrealized loss
of $0.8 million from the change in the fair value of derivatives. Results for
the three month period ended September 30, 2007 include an unrealized loss of
$3.3 million from the aforementioned derivatives.
Net
loss from continuing and discontinued operations for the three months ended
September 30, 2008 was $3.7 million, or $0.13 basic and diluted loss per share,
compared to a net loss of $6.5 million, or $0.23 basic and diluted loss per
share, recorded for the three months ended September 30, 2007.
Adjusted
EBITDA for the three months ended September 30, 2008 was $2.1 million compared
to $8.3 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.)
Jeff
Parry, Chief Executive Officer, commented, “During the third quarter, Aries
continued to implement its period charter approach. Since the Company’s new
management team was appointed in July 2008, we have secured profitable period
charters for five vessels, two of which have profit-sharing components. By
strengthening our fixed revenue and cash flow streams during a challenging
market environment, management remains committed to improving future performance
and realizing the inherent value in the Company as we continue to execute our
comprehensive turnaround plan.”
Nine-Month
Results
Revenues
of $62.2 million were recorded for the nine months ended September 30, 2008,
compared to revenues of $61.3 million recorded for the nine months ended
September 30, 2007. Excluding deferred revenue due to the assumption of charters
associated with certain vessel acquisitions as well as commissions and voyage
expenses, total revenues were $48.3 million and $52.6 million for the nine month
periods ended September 30, 2008 and September 30, 2007, respectively. The
decrease in revenues is primarily attributable to lower utilization during the
nine months ended September 30, 2008 compared to the nine months ended September
30, 2007. During the nine months ended September 30, 2008 total vessel operating
days were 3,288 compared to total vessel operating days of 3,276 for the nine
months ended September 30, 2007. Total actual revenue days for the nine months
ended September 30, 2008 and September 30, 2007 were 3,082and 3,152,
respectively.
Net
loss from continuing operations was $8.1 million, or $0.28 basic and diluted
loss per share, for the nine months ended September 30, 2008, compared to net
income of $4.0 million, or $0.14 basic and diluted earnings per share, recorded
for the nine months ended September 30, 2007. Results for the nine month periods
ended September 30, 2008 and September 30, 2007 included an unrealized loss of
$0.8 million and $1.6 million, respectively, from the change in the fair value
of derivatives.
Net
income from continuing and discontinued operations for the nine months ended
September 30, 2008 was $2.6 million, or $0.09 basic and diluted earnings per
share, compared to a net loss of $1.7 million, or $0.06 basic and diluted loss
per share, recorded for the nine months ended September 30, 2007.
Adjusted
EBITDA for the nine months ended September 30, 2008 was $18.0 million compared
to $33.6 million for the nine 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.)
Fleet
Report
Aries
operates a fleet of nine double-hull products tankers and three container ships.
Currently, 10 of the Company’s 12 vessels are secured on period charters with
established international charterers. The charters have remaining periods
ranging from approximately 0.1 to 2.1 years.
Charters for two of Aries’ products
tanker vessels currently have profit-sharing components.
On
October 2, 2008, Aries announced it secured 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 commenced on October 7, 2008.
On
September 15, 2008, Aries commenced a period charter with MSC, the second
largest container shipping line in the world, for the CMA CGM Seine, a
1990-built container vessel now named the MSC Seine, following the completion of
repairs. The period charter is for a period of 12 months at a net rate of
$14,918.5 per day.
On
July 18, 2008, Aries announced it renewed the bareboat charters for the Stena
Compass, a 2006-built double-hull products tanker, and its sister ship, the
Stena Compassion, with Stena Group. The charters will be for 23 to 25 months at
a gross rate of $18,700 per day per vessel, less 2.5% in brokerage commissions.
The charters also include a profit-sharing component for Aries equal to 30% of
the actual time charter equivalent (TCE) rate achieved above $26,000 per day per
vessel.
The
following table details Aries’ fleet deployment:
|
Vessels
|
Size
|
Y
ear
Built
|
Charterer/
Subcharterer
|
Expiration
of
Charter
|
Charterhire
(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
|
IPG
|
Through
9/09
|
$18,525
|
|
|
|
|
|
|
|
|
High
Rider
|
41,502
dwt
|
1991
|
IPG
|
Through
10/09
|
$18,525
|
|
|
|
|
|
|
|
|
Stena
Compass
|
72,750
dwt
|
2006
|
Stena
Group
|
Through
8/10
|
Bareboat
charter rate of $18,232.50 +
30%
of profits above $26,000
|
|
Stena
Compassion
|
72,750
dwt
|
2006
|
Stena
Group
|
Through
12/10
|
Bareboat
charter rate of $18,232.50 + 30% of profits above $26,000
|
|
Chinook
|
38,701
dwt
|
2001
|
Spot
market
|
-
|
-
|
|
|
|
|
|
|
|
|
Container
Vessels
|
|
|
|
|
|
|
Saronikos
Bridge
|
2,917
TEU
|
1990
|
CMA
CGM
|
Through
5/10
|
$20,400
|
|
MSC
Seine (formerly CMA CGM Seine)
|
2,917
TEU
|
1990
|
MSC
|
Through
9/09
|
$14,918.50
|
|
Ocean
Hope
|
1,799
TEU
|
1989
|
China
Shipping Container Lines
|
Through
6/09
|
$13,300
|
Summary
of Selected Data
|
|
|
Three
Months Ended
|
|
|
Three
Months Ended
|
|
|
|
|
September
30, 2008
|
|
|
September
30, 2007
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA
RECONCILIATION
|
|
|
|
|
|
|
|
(From
Continuing Operations)
(1)
(All
amounts in US$000’s unless otherwise stated)
|
|
|
|
|
|
|
|
NET
LOSS
|
|
|
(4,736
|
)
|
|
|
(5,143
|
)
|
|
PLUS
: NET INTEREST EXPENSE
|
|
|
3,705
|
|
|
|
4,382
|
|
|
PLUS
: DEPRECIATION AND AMORTIZATION
|
|
|
1,949
|
|
|
|
5,106
|
|
|
PLUS:
CHANGE IN FAIR VALUE OF DERIVATIVES
|
|
|
793
|
|
|
|
3,336
|
|
|
PLUS:
STOCK BASED COMPENSATION
|
|
|
391
|
|
|
|
663
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED
EBITDA
|
|
|
2,102
|
|
|
|
8,344
|
|
|
|
|
|
|
|
|
|
|
|
|
FLEET
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER
OF VESSELS
|
|
|
12
|
|
|
|
12
|
|
|
NUMBER
OF VESSELS ON PERIOD CHARTER
|
|
|
11
|
|
|
|
11
|
|
|
WEIGHTED
AVERAGE AGE OF FLEET
|
|
|
10.6
|
|
|
|
9.6
|
|
|
OPERATING
DAYS (2)
|
|
|
1,104
|
|
|
|
1,104
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
DAILY RESULTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TIME
CHARTER EQUIVALENT RATE (3)
|
|
|
20,733
|
|
|
|
18,159
|
|
|
TOTAL
VESSEL OPERATING EXPENSES (4)
|
|
|
12,597
|
|
|
|
7,950
|
|
|
|
|
Nine
Months Ended
|
|
|
Nine
Months Ended
|
|
|
|
|
September
30, 2008
|
|
|
September
30, 2007
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA
RECONCILIATION
|
|
|
|
|
|
|
|
(From
Continuing Operations)
(1)
(All
amounts in US$000’s unless otherwise stated)
|
|
|
|
|
|
|
|
NET
INCOME/ (LOSS)
|
|
|
(8,125
|
)
|
|
|
3,962
|
|
|
PLUS
: NET INTEREST EXPENSE
|
|
|
11,257
|
|
|
|
13,201
|
|
|
PLUS
: DEPRECIATION AND AMORTIZATION
|
|
|
13,262
|
|
|
|
14,153
|
|
|
PLUS:
CHANGE IN FAIR VALUE OF DERIVATIVES
|
|
|
761
|
|
|
|
1,605
|
|
|
PLUS:
STOCK BASED COMPENSATION
|
|
|
885
|
|
|
|
663
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED
EBITDA
|
|
|
18,040
|
|
|
|
33,584
|
|
|
|
|
|
|
|
|
|
|
|
|
FLEET
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER
OF VESSELS
|
|
|
12
|
|
|
|
12
|
|
|
NUMBER
OF VESSELS ON PERIOD CHARTER
|
|
|
11
|
|
|
|
11
|
|
|
WEIGHTED
AVERAGE AGE OF FLEET
|
|
|
10.6
|
|
|
|
9.6
|
|
|
OPERATING
DAYS (2)
|
|
|
3,288
|
|
|
|
3,276
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
DAILY RESULTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TIME
CHARTER EQUIVALENT RATE (3)
|
|
|
19,146
|
|
|
|
19,481
|
|
|
TOTAL
VESSEL OPERATING EXPENSES (4)
|
|
|
10,259
|
|
|
|
6,743
|
|
(1) Aries considers Adjusted EBITDA
to represent the aggregate of net income / (loss), net interest expense,
depreciation, amortization
(excluding the effect of the
amortization of the deferred revenue
due to the assumption of charters
associated with certain vessel acquisitions)
,
change in the fair value of
derivatives
and stock-based compensation
expense
.
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, operat
i
ng 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, reflecting
assumed operating costs of $5,800 per day, has been included in respect of (a)
the 91 operating days of the vessels during the three month period ended March
31, 2008 and (b) the 90 operating days of the vessels during the three month
period ended March 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 91 operating days of the vessels during the three month period ended March
31, 2008, and (b) the 90 operating days of the vessels during the three month
period ended March 31, 2007.
Suspension
of Quarterly Dividend
On
September 12, 2008, Aries announced it suspended payment of its quarterly
dividend, effective immediately. The decision follows the new
management’s strategic review of the Company’s business and reflects the
Company’s focus on improving its long-term strength and operational
results. Aries will evaluate the Company’s dividend policy on an
ongoing basis.
Conference
Call Information
Aries
will hold a conference call on Thursday, November 20, 2008, at 10:00 a.m.
Eastern Time to discuss results for the third quarter of 2008. To access the
conference call, dial (877) 879-6209 for domestic callers, or (719) 325-4805 for
international callers, and use the reservation number 6939346. 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 6939346. The replay will be available through December 4,
2008. The conference call will also be webcast live on the Company’s website,
http://www.ariesmaritime.com
.
A replay of the audio webcast will be available following the call through
December 4, 2008.
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. Ten of the Company’s 12 vessels are
secured on period charters. Charters for two of the Company’s products tanker
vessels 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,’’ ‘‘may,’’ ‘‘should,’’ and ‘‘expect’’ reflect
forward-looking statements.
ARIES
MARITIME TRANSPORT LIMITED
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR
THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2008 AND SEPTEMBER 30,
2007
|
(All
amounts expressed in thousands of U.S. Dollars, except share and per share
amounts)
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
|
Three
month period ended
September
30, 2008
|
|
|
Three
month period ended
September
30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES:
|
|
|
|
|
|
|
|
Revenue
from voyages
|
|
|
22,902
|
|
|
|
17,947
|
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
Commissions
|
|
|
(414
|
)
|
|
|
(222
|
)
|
|
Voyage
expenses
|
|
|
(3,154
|
)
|
|
|
(487
|
)
|
|
Vessel
operating expenses
|
|
|
(9,981
|
)
|
|
|
(6,294
|
)
|
|
General
and administrative expenses
|
|
|
(2,003
|
)
|
|
|
(1,382
|
)
|
|
Depreciation
|
|
|
(6,011
|
)
|
|
|
(5,977
|
)
|
|
Amortization
of dry-docking and special survey expense
|
|
|
(1,124
|
)
|
|
|
(620
|
)
|
|
Management
fees
|
|
|
(484
|
)
|
|
|
(400
|
)
|
|
|
|
|
(23,171
|
)
|
|
|
(15,382
|
)
|
|
Net
operating income
|
|
|
(269
|
)
|
|
|
2,565
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSES):
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
(3,755
|
)
|
|
|
(4,577
|
)
|
|
Interest
received
|
|
|
50
|
|
|
|
195
|
|
|
Other
expenses, net
|
|
|
31
|
|
|
|
10
|
|
|
Change
in fair value of derivatives
|
|
|
(793
|
)
|
|
|
(3,336
|
)
|
|
Total
other (expenses), net
|
|
|
(4,467
|
)
|
|
|
(7,708
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(Loss) / Income from continuing operations
|
|
|
(4,736
|
)
|
|
|
(5,143
|
)
|
|
Net
Income / (Loss) from discontinued operations
(includes $13,569 gain on
sale of vessels)
|
|
|
1,036
|
|
|
|
(1,318
|
)
|
|
NET
INCOME/ (LOSS)
|
|
|
(3,700
|
)
|
|
|
(6,461
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Loss
per share:
|
|
|
|
|
|
|
|
|
|
Basic
and diluted (Net Loss from
Continuing
Operations)
|
|
|
(0.17
|
)
|
|
|
(0.18
|
)
|
|
Basic
and diluted (Net Income / (Loss) from
Discontinued
Operations
|
|
|
0.04
|
|
|
|
(0.05
|
)
|
|
Basic
and diluted (Net Loss)
|
|
|
(0.13
|
)
|
|
|
(0.23
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
28,605,563
|
|
|
|
28,441,492
|
|
|
Diluted
|
|
|
28,611,728
|
|
|
|
28,441,492
|
|
OTHER
FINANCIAL DATA
|
(All
amounts in thousands of U.S. dollars)
|
|
Three
month period ended
September 30, 2008
|
|
|
Three
month period ended September 30, 2007
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by operating activities
|
|
|
2,171
|
|
|
|
4,121
|
|
|
Net
cash provided by / (used in) investing activities
|
|
|
8,093
|
|
|
|
(346
|
)
|
|
Net
cash (used in) financing activities
|
|
|
(549
|
)
|
|
|
(5,353
|
)
|
ARIES
MARITIME TRANSPORT LIMITED
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR
THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2008 AND SEPTEMBER 30,
2007
|
(All
amounts expressed in thousands of U.S. Dollars, except share and per share
amounts)
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
|
Nine
month period ended
September 30, 2008
|
|
|
Nine
month period ended
September 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES:
|
|
|
|
|
|
|
|
Revenue
from voyages
|
|
|
62,174
|
|
|
|
61,319
|
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
Commissions
|
|
|
(912
|
)
|
|
|
(830
|
)
|
|
Voyage
expenses
|
|
|
(5,431
|
)
|
|
|
(2,251
|
)
|
|
Vessel
operating expenses
|
|
|
(23,719
|
)
|
|
|
(15,330
|
)
|
|
General
and administrative expenses
|
|
|
(5,893
|
)
|
|
|
(3,016
|
)
|
|
Depreciation
|
|
|
(17,901
|
)
|
|
|
(17,895
|
)
|
|
Amortization
of dry-docking and special survey expense
|
|
|
(2,907
|
)
|
|
|
(1,882
|
)
|
|
Management
fees
|
|
|
(1,483
|
)
|
|
|
(1,198
|
)
|
|
|
|
|
(58,246
|
)
|
|
|
(42,402
|
)
|
|
Net
operating income
|
|
|
3,928
|
|
|
|
18,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSES):
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
(11,488
|
)
|
|
|
(13,730
|
)
|
|
Interest
received
|
|
|
231
|
|
|
|
529
|
|
|
Other
expenses, net
|
|
|
(35
|
)
|
|
|
(149
|
)
|
|
Change
in fair value of derivatives
|
|
|
(761
|
)
|
|
|
(1,605
|
)
|
|
Total
other expenses, net
|
|
|
(12,053
|
)
|
|
|
(14,955
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(Loss) / Income from continuing operations
|
|
|
(8,125
|
)
|
|
|
3,962
|
|
|
Net
Income / (Loss) from discontinued operations (includes $13,569 gain on
sale of vessels)
|
|
|
10,714
|
|
|
|
(5,649
|
)
|
|
NET
INCOME/ (LOSS)
|
|
|
2,589
|
|
|
|
(1,687
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
/ (Loss) per share:
|
|
|
|
|
|
|
|
|
|
Basic
and diluted (Net Income / (Loss) from Continuing
Operations)
|
|
|
(0.28
|
)
|
|
|
0.14
|
|
|
Basic
and diluted (Net Income / (Loss) from Discontinued
Operations
|
|
|
0.37
|
|
|
|
(0.20
|
)
|
|
Basic
and diluted (Net Income / (Loss))
|
|
|
0.09
|
|
|
|
(0.06
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
28,605,563
|
|
|
|
28,441,492
|
|
|
Diluted
|
|
|
28,611,728
|
|
|
|
28,441,492
|
|
OTHER FINANCIAL
DATA
|
(All
amounts in thousands of U.S. dollars)
|
|
Nine
month period ended
September
30, 2008
|
|
|
Nine
month period ended
September
30, 2007
|
|
|
Net
cash provided by operating activities
|
|
|
3,215
|
|
|
|
14,693
|
|
|
Net
cash provided by / (used in) investing activities
|
|
|
59,051
|
|
|
|
(1,918
|
)
|
|
Net
cash (used in) financing activities
|
|
|
(65,734
|
)
|
|
|
(11,535
|
)
|
ARIES
MARITIME TRANSPORT LIMITED
CONSOLIDATED
BALANCE SHEETS
|
(All amounts expressed in thousands of U.S.
Dollars)
|
|
|
|
(Unaudited)
September
30,
|
|
|
December
31,
|
|
|
|
|
2008
|
|
|
2007
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
|
3,581
|
|
|
|
12,444
|
|
|
Restricted
cash
|
|
|
7,568
|
|
|
|
39
|
|
|
Trade
receivables, net
|
|
|
2,618
|
|
|
|
2,219
|
|
|
Other
receivables
|
|
|
2,212
|
|
|
|
1,033
|
|
|
Inventories
|
|
|
1,513
|
|
|
|
1,969
|
|
|
Prepaid
expenses
|
|
|
1,477
|
|
|
|
1,681
|
|
|
Due
from managing agent
|
|
|
2,713
|
|
|
|
814
|
|
|
Due
from related parties
|
|
|
648
|
|
|
|
-
|
|
|
Total
current assets
|
|
|
22,330
|
|
|
|
20,199
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels
and other fixed assets, net
|
|
|
333,512
|
|
|
|
400,838
|
|
|
Deferred
charges, net
|
|
|
2,210
|
|
|
|
2,906
|
|
|
Restricted
cash
|
|
|
-
|
|
|
|
1,548
|
|
|
Total
non-current assets
|
|
|
335,722
|
|
|
|
405,292
|
|
|
Total
assets
|
|
|
358,052
|
|
|
|
425,491
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
Current
portion of long-term debt
|
|
|
223,710
|
|
|
|
284,800
|
|
|
Accounts
payable, trade
|
|
|
6,419
|
|
|
|
8,423
|
|
|
Accrued
liabilities
|
|
|
9,220
|
|
|
|
5,297
|
|
|
Deferred
income
|
|
|
787
|
|
|
|
2,291
|
|
|
Derivative
financial instruments
|
|
|
6,697
|
|
|
|
5,936
|
|
|
Deferred
revenue
|
|
|
2,188
|
|
|
|
4,656
|
|
|
Due
to related parties
|
|
|
-
|
|
|
|
594
|
|
|
Total
current liabilities
|
|
|
249,021
|
|
|
|
311,997
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred
revenue
|
|
|
1,296
|
|
|
|
6,375
|
|
|
Total
liabilities
|
|
|
250,317
|
|
|
|
318,372
|
|
|
|
|
|
|
|
|
|
|
|
|
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
September 30, 2008 (December 31, 2007: 28.5
million)
|
|
|
289
|
|
|
|
286
|
|
|
Additional
paid-in capital
|
|
|
113,590
|
|
|
|
115,566
|
|
|
Accumulated
Deficit
|
|
|
(6,144
|
)
|
|
|
(8,733
|
)
|
|
Total
stockholders’ equity
|
|
|
107,735
|
|
|
|
107,119
|
|
|
Total
liabilities and stockholders’ equity
|
|
|
358,052
|
|
|
|
425,491
|
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
ARIES
MARITIME TRANSPORT LIMITED
(registrant)
|
Dated: November
24, 2008
|
By:
|
/s/
Ioannis Makris
|
|
|
|
|
Ioannis
Makris
|
|
|
|
|
Chief
Financial Officer
|
|
|
|
|
|
|
|
|
|
|
|
SK
23248 0002 940411
Aries Maritime Transport Limited - Common Shares (MM) (NASDAQ:RAMS)
Historical Stock Chart
From May 2024 to Jun 2024
Aries Maritime Transport Limited - Common Shares (MM) (NASDAQ:RAMS)
Historical Stock Chart
From Jun 2023 to Jun 2024
