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.
Aires reports earnings drop in first quarter
