Aries Maritime's choice of ITM for technical management of its product tanker fleet is part of a general strategy of providing its shareholders with stable revenues and increasing quarterly dividends. "These ship managers have a great reputation and they should be able to obtain a lot of approvals from oil majors," said Aries Maritime CEO Mons Bolin, as Aries Maritime announced its third-quarter results on 15 November.

 ITM President Lars Modin said of the contract with Aries Maritime: "This is a very significant contract for ITM. With this new business, we fulfil our goal of building the ITM-managed fleet in 2007 and can proceed with our strategy, including dedicated vetting, quality and regulatory departments."

ITM will manage the Aries Maritime product tanker fleet from its offices in Dubai, and supply the vessels' crewing resources from its own large and flexible global manning pool. The six products tankers that enter ITM management in 2007 are Altius (73,400 dwt), Fortius (73,400 dwt), High Land (41,450 dwt), High Rider (41,502 dwt), Arius (83,970 dwt) and Ostria (38,701 dwt).

About International Tanker Management Holding Ltd. [ITM]
ITM manages the marine assets of shipowners located all over the globe. ITM seeks to be a preferred partner to shipowners and oil companies by demonstrating its commitment to quality in health, safety and environmental performance. The company is based in Bermuda with certification from DNV according to ISO 9001 and ISO 14001 management principles. ITM takes care of the full technical management of nearly 50 product and crude oil tankers, and commercial management of 18 vessels, with operations in Hamburg, Houston and Singapore, in addition to the head office in Dubai. See also www.tankermanager.com .

For more information, contact:
Lars Modin
President & CEO
International Tanker Management Holding Ltd.
Tel. +971 4 3529555
Cell +971 50 458 7950
lars.modin@tankermanager.com