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 March 2009
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): ___
Note
:
Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K
if submitted solely to provide an attached annual report to security
holders.
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: ___
Note
:
Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K
if submitted to furnish a report or other document that the registrant foreign
private issuer must furnish and make public under the laws of the jurisdiction
in which the registrant is incorporated, domiciled or legally organized (the
registrant’s “home country”), or under the rules of the home country exchange on
which the registrant’s securities are traded, as long as the report or other
document is not a press release, is not required to be and has not been
distributed to the registrant’s security holders, and, if discussing a material
event, has already been the subject of a Form 6-K submission or
other
Commission filing on EDGAR.
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Attached
as Exhibit 1 to this report on Form 6-K is a press release dated March 24, 2009
of Aries Maritime Transport Limited (the “Company”) announcing its fourth
quarter and full year 2008 unaudited financial results.
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
Fourth
Quarter and Full Year 2008 Unaudited Financial Results
ATHENS,
GREECE, March 24, 2009 – Aries Maritime Transport Limited (NASDAQ: RAMS) today
reported its unaudited financial results for the three and twelve months ended
December 31, 2008. The following financial review discusses the results for the
three months ended December 31, 2008, compared with the results for the three
months ended December 31, 2007 as well as results for the twelve months ended
December 31, 2008, compared with the results for the twelve months ended
December 31, 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 gain on sale
of $13.6 million during the second quarter of 2008. The results for these
vessels and related gain on disposal are reported as discontinued
operations.
Fourth
Quarter Results
Revenues
of $19.2 million from continuing operations were recorded for the three months
ended December 31, 2008, compared to revenues of $19.8 million recorded for the
three months ended December 31, 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 $16.5 million and $18.3
million for the three month periods ended December 31, 2008 and December 31,
2007, respectively. The decrease in revenues is primarily attributable to lower
utilization for the Saronikos Bridge and the Nordanvind as well as lower charter
rates for the MSC Seine and the Chinook during the three months ended December
31, 2008, compared to the three months ended December 31, 2007. 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 revenue days for the three months ended December 31, 2008, were
1,018 and total revenue days for the three months ended December 31,
2007, were 1,007. The Company defines revenue days as the total days the vessels
were not off hire or out of service.
Net loss
from continuing operations was $40.5 million or $1.41 basic and diluted loss per
share, for the three months ended December 31, 2008, compared to a net loss of
$5.8 million, or $0.21 basic and diluted loss per share, recorded for the three
months ended December 31, 2007. The results for the fourth quarter of 2008
include a $30.1 million non-cash impairment charge on the value of the Company’s
three container vessels as well as a $5.8 million non-cash loss from the change
in the fair value of derivatives. The results for the same period of 2007
include a $2.5 million non-cash loss from the change in the fair value of
derivatives.
Net loss
from continuing and discontinued operations for the three months ended December
31, 2008, was $42 million, or $1.46 basic and diluted loss per share, compared
to a net loss of $7.0 million, or $0.25 basic and diluted loss per share,
recorded for the three months ended December 31, 2007.
Adjusted
EBITDA for the three months ended December 31, 2008, was $6.5 million compared
to $7.2 million for the three months ended December 31, 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 fourth quarter and
year-to-date, Aries’ new management team continued to take proactive measures
aimed at improving the Company’s financial performance. Specifically, our wholly
owned technical management subsidiary, AMT Management, has become a fully
licensed ship manager. In accomplishing this important goal, we have
strengthened our ability to maintain a cost efficient operating structure and
increase the utilization of our diversified fleet. We also continued to
implement our period charter approach through new contracts for two double-hull
products tankers. Based on our progress to date, the Company posted an increase
in Adjusted EBITDA to $6.5 million for the fourth quarter of 2008 from $2.1
million for the third quarter of 2008. Management remains dedicated to improving
the Company’s ship operations as we continue to execute our comprehensive
turnaround plan. Going forward, we will maintain our focus on positioning Aries
for long-term success and enhancing shareholder value.”
Twelve-Month
Results
Revenues
of $81.3 million from continuing operations were recorded for the twelve months
ended December 31, 2008, compared to revenues of $81.1 million recorded for the
twelve months ended December 31, 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 $64.8 million and $70.9
million for the twelve month periods ended December 31, 2008, and December 31,
2007, respectively. The decrease in revenues is primarily attributable to lower
utilization as well as lower charter rates for certain vessels in the Company’s
fleet during the twelve months ended December 31, 2008, compared to the twelve
months ended December 31, 2007. During the twelve
months
ended December 31, 2008, total vessel operating days were 4,392 compared to
total vessel operating days of 4,380 for the twelve months ended December 31,
2007. Total revenue days for the twelve months ended December 31, 2008, and
December 31, 2007, were 4,100 and 4,159, respectively.
Net loss
from continuing operations was $48.7 million or $1.70 basic and diluted loss per
share, for the twelve months ended December 31, 2008, compared to net loss of
$1.9 million, or $0.07 basic and diluted loss per share, recorded for the twelve
months ended December 31, 2007. The results for the twelve months
ended December 31, 2008, include a $30.1 million non-cash impairment charge on
the value of the Company’s three container vessels and a $6.5 million non-cash
loss from the change in the fair value of derivatives. Results for the twelve
months ended December 31, 2007 include a $4.1 million non-cash loss from the
change in the fair value of derivatives.
Net loss
from continuing and discontinued operations for the twelve months ended December
31, 2008, was $39.4 million, or $1.38 basic and diluted loss per share, compared
to a net loss of $8.7 million, or $0.31 basic and diluted loss per share,
recorded for the twelve months ended December 31, 2007.
Adjusted
EBITDA for the twelve months ended December 31, 2008 was $24.6 million compared
to $40.8 million for the twelve months ended December 31, 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, nine 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 1.75 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. The net rate for both vessels has been renegotiated to
$14,822.50 per day for the High Land and $15,015 per day for the High Rider
pending certain oil major approvals.
The
following table details Aries’ fleet deployment:
|
Vessels
|
Size
|
Year
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
|
Spot
market
|
-
|
-
|
|
Ostria
|
38,701
dwt
|
2000
|
Spot
market
|
-
|
-
|
|
High
Land
|
41,450
dwt
|
1992
|
IPG
|
Through
9/09
|
$14,822.50
|
|
High
Rider
|
41,502
dwt
|
1991
|
IPG
|
Through
10/09
|
$15,015
|
|
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
4/09
|
$13,300
|
Summary
of Selected Data
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
Three
Months Ended
|
|
|
|
|
December
31, 2008
|
|
|
December
31, 2007
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA RECONCILIATION
(1)
|
|
|
|
|
|
|
|
(All
amounts in US$000’s unless otherwise stated)
|
|
|
|
|
|
|
|
NET
INCOME
|
|
|
(40,543
|
)
|
|
|
(5,823
|
)
|
|
PLUS
: NET INTEREST EXPENSE
|
|
|
4,516
|
|
|
|
3,633
|
|
|
PLUS
: DEPRECIATION AND AMORTIZATION
|
|
|
6,533
|
|
|
|
6,345
|
|
|
PLUS
: IMPAIRMENT CHARGE
|
|
|
30,075
|
|
|
|
-
|
|
|
PLUS:
CHANGE IN FAIR VALUE OF DERIVATIVES
|
|
|
5,754
|
|
|
|
2,455
|
|
|
PLUS:
STOCK BASED COMPENSATION
|
|
|
199
|
|
|
|
569
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED
EBITDA
|
|
|
6,534
|
|
|
|
7,179
|
|
|
|
|
|
|
|
|
|
|
|
|
FLEET
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER
OF VESSELS
|
|
|
12
|
|
|
|
12
|
|
|
AVERAGE
NUMBER OF VESSELS ON PERIOD CHARTER
|
|
|
11
|
|
|
|
11
|
|
|
WEIGHTED
AVERAGE AGE OF FLEET
|
|
|
10.8
|
|
|
|
9.8
|
|
|
OPERATING
DAYS (2)
|
|
|
1,104
|
|
|
|
1,104
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
DAILY RESULTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TIME
CHARTER EQUIVALENT RATE (3)
|
|
|
17,809
|
|
|
|
19,604
|
|
|
TOTAL
VESSEL OPERATING EXPENSES (4)
|
|
|
9,876
|
|
|
|
10,774
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
Months Ended
|
|
|
Twelve
Months Ended
|
|
|
|
|
December
31, 2008
|
|
|
December
31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA RECONCILIATION
(1)
|
|
|
|
|
|
|
|
|
|
(All
amounts in US$000’s unless otherwise stated)
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
|
(48,668
|
)
|
|
|
(1,861
|
)
|
|
PLUS
: NET INTEREST EXPENSE
|
|
|
15,773
|
|
|
|
16,834
|
|
|
PLUS
: DEPRECIATION AND AMORTIZATION
|
|
|
19,795
|
|
|
|
20,499
|
|
|
PLUS
: IMPAIRMENT CHARGE
|
|
|
30,075
|
|
|
|
-
|
|
|
PLUS:
CHANGE IN FAIR VALUE OF DERIVATIVES
|
|
|
6,515
|
|
|
|
4,060
|
|
|
PLUS:
STOCK BASED COMPENSATION
|
|
|
1,084
|
|
|
|
1,232
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED
EBITDA
|
|
|
24,574
|
|
|
|
40,764
|
|
|
|
|
|
|
|
|
|
|
|
|
FLEET
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER
OF VESSELS
|
|
|
12
|
|
|
|
12
|
|
|
AVERAGE
NUMBER OF VESSELS ON PERIOD CHARTER
|
|
|
10.3
|
|
|
|
11
|
|
|
WEIGHTED
AVERAGE AGE OF FLEET
|
|
|
10.8
|
|
|
|
9.8
|
|
|
OPERATING
DAYS (2)
|
|
|
4,392
|
|
|
|
4,380
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
DAILY RESULTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TIME
CHARTER EQUIVALENT RATE (3)
|
|
|
18,814
|
|
|
|
19,511
|
|
|
TOTAL
VESSEL OPERATING EXPENSES (4)
|
|
|
10,163
|
|
|
|
7,759
|
|
(1)
Aries considers Adjusted EBITDA to represent the aggregate of net income /
(loss) from continuing operations, net interest expense, depreciation,
amortization (excluding the effect of the amortization of the deferred revenue
due to the assumption of charters associated with certain vessels acquisitions),
change in the fair value of derivatives, stock-based compensation expense and
impairment loss . 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, reflecting
assumed operating costs of $5,800 per day, has been included in respect of (a)
the 92 operating days of the vessels during the three month period ended
December 31, 2008, and 2007 ,respectively, and (b) the 366 and 365
operating days of the vessels during the twelve month period ended December 31,
2008, and 2007respectively.
(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)
92 operating days of the vessels during the twelve month period ended December
31, 2008, and 2007
(b)
366 and 365 operating days of the vessels during the twelve month period ended
December 31, 2008, and 2007, respectively.
Conference
Call Information
Aries
will hold a conference call on Tuesday, March 24, 2009, at 10:00 a.m. Eastern
Time to discuss results for the fourth quarter of 2008. To access the conference
call, dial (888) 935-4575 for domestic callers, or (718) 354-1387 for
international callers, and use the reservation number 3914367. Following the
teleconference, a replay of the call may be accessed by dialing (866) 883-4489
for domestic callers, or (718) 354-1112 for international callers, and using the
reservation number 3914367. The replay will be available through April 7, 2009.
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 April 7, 2009.
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. Nine 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 DECEMBER 31, 2008 AND DECEMBER 31,
2007
(All
amounts expressed in thousands of U.S. Dollars, except share and per share
amounts)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
|
Three
month period ended December 31, 2008
|
|
|
Three
month period ended December 31,2007
|
|
|
REVENUES:
|
|
|
|
|
|
|
|
Revenue
from voyages
|
|
|
19,157
|
|
|
|
19,761
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
Commissions
|
|
|
(495
|
)
|
|
|
(219
|
)
|
|
Voyage
expenses
|
|
|
(1,600
|
)
|
|
|
(868
|
)
|
|
Vessel
operating expenses
|
|
|
(7,619
|
)
|
|
|
(8,666
|
)
|
|
General
& administrative expenses
|
|
|
(1,985
|
)
|
|
|
(2,502
|
)
|
|
Depreciation
|
|
|
(6,011
|
)
|
|
|
(5,988
|
)
|
|
Impairment
Charge
|
|
|
(30,075
|
)
|
|
|
-
|
|
|
Amortization
of dry-docking and special survey expense
|
|
|
(1,090
|
)
|
|
|
(744
|
)
|
|
Management
fees
|
|
|
(377
|
)
|
|
|
(502
|
)
|
|
|
|
|
(49,252
|
)
|
|
|
(19,489
|
)
|
|
Net
operating (loss) / income
|
|
|
(30,095
|
)
|
|
|
272
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME/( EXPENSES), NET:
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
(4,533
|
)
|
|
|
(3,797
|
)
|
|
Interest
income
|
|
|
17
|
|
|
|
164
|
|
|
Other
expenses, net
|
|
|
(178
|
)
|
|
|
(7
|
)
|
|
Change
in fair value of derivatives
|
|
|
(5,754
|
)
|
|
|
(2,455
|
)
|
|
Total
other income/ (expenses), net
|
|
|
(10,448
|
)
|
|
|
(6,095
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss from continuing operations
|
|
|
(40,543
|
)
|
|
|
(5,823
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss from discontinued operations
|
|
|
(1,480
|
)
|
|
|
(1,223
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
|
(42,023
|
)
|
|
|
(7,046
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Loss
per share:
|
|
|
|
|
|
|
|
|
|
Basic
and diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
(
1.41
|
)
|
|
$
|
(
0.21
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations
|
|
$
|
(
0.05
|
)
|
|
$
|
(
0.04
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
(
1.46
|
)
|
|
$
|
(
0.25
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares:
|
|
|
|
|
|
|
|
|
|
Basic
and diluted
|
|
|
28,721,605
|
|
|
|
28,478,850
|
|
|
|
|
|
|
|
|
|
|
|
|
(All
amounts in thousands of U.S. dollars)
|
|
Three
month period ended December 31, 2008
|
|
|
Three
month period ended December 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash (used in) / provided by operating activities
|
|
|
1,381
|
|
|
|
2,888
|
|
|
Net
cash provided by / (used in) investing activities
|
|
|
(10
|
)
|
|
|
(90
|
)
|
|
Net
cash (used in) financing activities
|
|
|
(943
|
)
|
|
|
(3,206
|
)
|
ARIES
MARITIME TRANSPORT LIMITED
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR
THE TWELVE MONTH PERIOD ENDED DECEMBER 31, 2008 AND DECEMBER 31,
2007
(All
amounts expressed in thousands of U.S. Dollars, except share and per share
amounts)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
|
Twelve
month period ended December 31, 2008
|
|
|
Twelve
month period ended December 31, 2007
|
|
|
REVENUES:
|
|
|
|
|
|
|
|
Revenue
from voyages
|
|
|
81,331
|
|
|
|
81,080
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
Commissions
|
|
|
(1,407
|
)
|
|
|
(1,049
|
)
|
|
Voyage
expenses
|
|
|
(7,031
|
)
|
|
|
(3,119
|
)
|
|
Vessel
operating expenses
|
|
|
(31,338
|
)
|
|
|
(23,996
|
)
|
|
General
& administrative expenses
|
|
|
(7,878
|
)
|
|
|
(5,518
|
)
|
|
Depreciation
|
|
|
(23,912
|
)
|
|
|
(23,883
|
)
|
|
Impairment
Charge
|
|
|
(30,075
|
)
|
|
|
-
|
|
|
Amortization
of dry-docking and special survey expense
|
|
|
(3,997
|
)
|
|
|
(2,626
|
)
|
|
Management
fees
|
|
|
(1,860
|
)
|
|
|
(1,700
|
)
|
|
|
|
|
(107,498
|
)
|
|
|
(61,891
|
)
|
|
Net
operating (loss) / income
|
|
|
(26,167
|
)
|
|
|
19,189
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME/( EXPENSES), NET:
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
(16,021
|
)
|
|
|
(17,527
|
)
|
|
Interest
income
|
|
|
248
|
|
|
|
693
|
|
|
Other
expenses, net
|
|
|
(213
|
)
|
|
|
(156
|
)
|
|
Change
in fair value of derivatives
|
|
|
(6,515
|
)
|
|
|
(4,060
|
)
|
|
Total
other income/ (expenses), net
|
|
|
(22,501
|
)
|
|
|
(21,050
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss from continuing operations
|
|
|
(48,668
|
)
|
|
|
(1,861
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
income / (loss) from discontinued operations (including gain on sale of
vessels $13,569 for December 31, 2008)
|
|
|
9,234
|
|
|
|
(6,872
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
|
(39,434
|
)
|
|
|
(8,733
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/
(loss) per share:
|
|
|
|
|
|
|
|
|
|
Basic
and diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
(
1.70
|
)
|
|
$
|
(
0.07
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations
|
|
$
|
0.32
|
|
|
$
|
(
0.24
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
(
1.38
|
)
|
|
$
|
(
0.31
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares:
|
|
|
|
|
|
|
|
|
|
Basic
and diluted
|
|
|
28,634,186
|
|
|
|
28,478,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
month period ended December 31, 2008
|
|
|
Twelve
month period ended
|
|
|
(All
amounts in thousands of U.S. dollars)
|
|
December
31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by operating activities
|
|
|
2,901
|
|
|
|
17,581
|
|
|
Net
cash provided by / (used in) investing activities
|
|
|
61,083
|
|
|
|
(2,008
|
)
|
|
Net
cash (used in) financing activities
|
|
|
(72,419
|
)
|
|
|
(14,741
|
)
|
ARIES
MARITIME TRANSPORT LIMITED
CONSOLIDATED
BALANCE SHEETS
(All
amounts expressed in thousands of U.S. Dollars)
|
|
|
(Unaudited)
December 31,
|
|
|
(Audited)
December 31,
|
|
|
|
|
2008
|
|
|
2007
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
|
4,009
|
|
|
|
12,444
|
|
|
Restricted
cash
|
|
|
8,510
|
|
|
|
39
|
|
|
Trade
receivables, net
|
|
|
2,533
|
|
|
|
2,219
|
|
|
Other
receivables
|
|
|
2,289
|
|
|
|
1,033
|
|
|
Inventories
|
|
|
1,224
|
|
|
|
1,969
|
|
|
Prepaid
expenses
|
|
|
967
|
|
|
|
1,681
|
|
|
Due
from managing agent
|
|
|
160
|
|
|
|
814
|
|
|
Due
from related parties
|
|
|
49
|
|
|
|
-
|
|
|
Total
current assets
|
|
|
19,741
|
|
|
|
20,199
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels
and other fixed assets, net
|
|
|
296,463
|
|
|
|
400,838
|
|
|
Deferred
charges, net
|
|
|
1,573
|
|
|
|
2,906
|
|
|
Restricted
cash
|
|
|
-
|
|
|
|
1,548
|
|
|
Total
non-current assets
|
|
|
298,036
|
|
|
|
405,292
|
|
|
Total
assets
|
|
|
317,777
|
|
|
|
425,491
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
Current
portion of long-term debt
|
|
|
223,710
|
|
|
|
284,800
|
|
|
Accounts
payable, trade
|
|
|
3,444
|
|
|
|
8,423
|
|
|
Accrued
liabilities
|
|
|
7,539
|
|
|
|
5,297
|
|
|
Deferred
income
|
|
|
1,807
|
|
|
|
2,291
|
|
|
Derivative
financial instruments
|
|
|
12,451
|
|
|
|
5,936
|
|
|
Deferred
revenue
|
|
|
2,144
|
|
|
|
4,656
|
|
|
Due
to related parties
|
|
|
-
|
|
|
|
594
|
|
|
Total
current liabilities
|
|
|
251,095
|
|
|
|
311,997
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred
revenue
|
|
|
772
|
|
|
|
6,375
|
|
|
Total
liabilities
|
|
|
251,867
|
|
|
|
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,
29 million shares issued and
outstanding at December 31, 2008 (2007: 28.6 million
shares)
|
|
|
290
|
|
|
|
286
|
|
|
Additional
paid-in capital
|
|
|
113,787
|
|
|
|
115,566
|
|
|
Deficit
|
|
|
(48,167
|
)
|
|
|
(8,733
|
)
|
|
Total
stockholders’ equity
|
|
|
65,910
|
|
|
|
107,119
|
|
|
Total
liabilities and stockholders’ equity
|
|
|
317,777
|
|
|
|
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: March
25, 2009
|
By:
|
/s/
Ioannis Makris
|
|
|
|
|
Ioannis
Makris
|
|
|
|
|
Chief
Financial Officer
|
|
|
|
|
|
|
|
|
|
|
|
SK 23248
0002 980330
Aries Maritime Transport Limited - Common Shares (MM) (NASDAQ:RAMS)
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