Aires reports earnings drop in first quarter

Aires reports earnings drop in first quarter Aries Maritime Transport Ltd. reported first quarter net income of $500,000, down from $4.1 million from the year-earlier period.
   Revenue improved to $25.6 million from $21.2 million.
   The Athens-based company had a fleet of 10 tankers and five containerships on March 31 compared to nine tankers and five containerships a year earlier.
   The company said the decrease in revenues is primarily attributable to previously announced out-of-service time related to the SCI Tej, now named the MSC Oslo.
   during the first quarter the company had made “important strides in securing our vessels on long-term period charters,” said Mons S. Bolin, chief executive officer.
   “With our entire fleet ' now in service combined with our expanded period charter coverage, we believe Aries has further enhanced its position to improve future results,” he added.