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 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the
month of July 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 offices)
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 July 6, 2009 of
Aries Maritime Transport Limited (the “Company”) announcing that it has filed
its annual report on Form 20-F for the year ended December 31, 2008 and that the
audit report included therein contains an explanatory paragraph which notes that
there are specific factors which raise substantial doubt about the Company's
ability to continue as a going concern.
Exhibit
1
Company
Contact:
Ioannis
Makris
Chief
Financial
Officer
Aries
Maritime Transport Limited
(011) 30
210 8983787
Aries
Maritime Transport Limited Files Annual Report on Form 20-F
ATHENS,
GREECE, July 6, 2009 – Aries Maritime Transport Limited (NASDAQ: RAMS) today
announced that on June 26, 2009 the Company filed its annual report on Form 20-F
for the year ended December 31, 2008. The audit report of the Company’s
independent registered public accounting firm, PricewaterhouseCoopers S.A.,
included in the Form 20-F contains an explanatory paragraph which notes that
there are specific factors which raise substantial doubt about the Company’s
ability to continue as a going concern. These factors include the Company’s 2008
and 2007 net losses and a previously announced re-classification of long term
debt due to its inability to meet certain financial covenants under its
revolving credit facility.
As
discussed in Note 1 to the consolidated financial statements, Aries Maritime is
currently in negotiations with its lenders to obtain waivers for certain
financial covenants. The Company has plans in place to improve the performance
and financial strength of the Company. These plans primarily relate to the
reduction of expenses, possible sales of vessels and the potential addition of
assets to enhance future cash earnings.
On June
24, 2009, the Company signed a non-binding letter of intent with Grandunion,
Inc., a company controlled by Nicholas Fistes and Michael Zolotas., that
contemplates, among other things, the acquisition of three Capesize drybulk
carriers with an approximate net asset value of $36.0 million in exchange for
15,977,778 newly issued shares of the Company and a change of control of the
Company's board of directors. There is no assurance that the Company will enter
into definitive agreements with Grandunion, Inc.
This
announcement is issued pursuant to NASDAQ Marketplace Rules and investors are
encouraged to read the entire text of the Company’s report on Form 20-F. This
announcement does not represent any change or amendment to the Company’s
financial statements or to its Annual Report on Form 20-F for the fiscal year
ended December 31, 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 two container vessels, excluding
the Ocean Hope, with a capacity of 2,917 TEU per vessel. Seven of the Company’s
11 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.
###
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:
July 7, 2009
By:
/s/
Jeffrey Owen
Parry
Name: Jeffrey
Owen Parry
Title: Chief
Executive Officer
SK 23248 0002
1011273
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