Aries Maritime Shares Fall After It Posts 2Q Loss

NEW YORK (AP) — Shares of Greek shipping company Aries Maritime Transport Ltd. fell Thursday after it posted a second-quarter loss, as it sold a ship for a loss and made less money on its shipping contracts because of slowing demand.

For the quarter ended June 30, the company posted a loss of $8.2 million, or 29 cents per share, compared with a profit of $13.2 million, or 46 cents per share, in the second quarter of 2008.

The company's net loss from continuing operations was $2.6 million, or 10 cents per share, compared with net income of $1.8 million, or 6 cents per share, a year ago.

Revenue fell to $15.4 million, from $18 million a year earlier. Aries blamed lower revenue on lower shipping rates and more out-of-service days for its vessels.

On June 29, Aries completed the sale of a 1989-built container vessel to an unrelated third party for a net price of $2.3 million. This transaction resulted in a loss on sale totaling $5.6 million, which was recorded in the second quarter.

Proceeds from the sale of the Ocean Hope were used to repay debt.

Shares of Aries Maritime lost 2 cents, or 3.1 percent, to 66 cents in afternoon trading.

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