Aries Maritime considers suspending dividend payment

By Lisa Kerner

Charlotte, N.C., March 7 - Aries Maritime Transport Ltd. announced it will evaluate strategic alternatives, including a possible sale or merger of the company, with the assistance of Merrill Lynch & Co.

The company is also considering temporarily suspending payment of its quarterly dividend for the period ending Dec. 31, president and chief executive officer Mons S. Bolin said in a news release.

According to Bolin, the decision was made in connection with the Athens-based shipping company's ongoing discussions with its banks regarding the interest cover financial covenant in its revolving credit facility.

Aries Maritime said it is "comfortably" meeting the other four financial covenants of its facility.

In addition, chief financial officer and director Richard J.H. Coxall has resigned from the company "to pursue other interests," the company announced in the release.

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