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Aries Maritime Transport Ltd

Aries Maritime Declares First Quarter 2008 Dividend of $0.10 per Share

Company's Board of Directors has declared a $0.10 per share dividend for the three-month period ended March 31, 2008. The dividend is payable on May 30,

2008 to shareholders of record on May 23, 2008.

Mons S. Bolin, President and Chief Executive Officer, commented, "We are pleased to resume the distribution of a quarterly dividend for the first quarter of 2008, as planned."

Aries' policy is to pay a quarterly dividend in March, May, August and November of each year. The payment of dividends is at the discretion of the Board.

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