Alma Maritime Limited Commences Initial Public Offering

ATHENS, Greece, March 12 /PRNewswire-FirstCall/ -- Alma Maritime Limited ("Alma Maritime" or the "Company") announced today that it has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering (the "offering") of its common stock.  The initial public offering price is anticipated to be between $19.00 and $21.00 per share.  The offering is currently expected to include 11,250,000 shares of common stock (12,937,500 shares of common stock if the underwriters exercise their over-allotment option in full).  The Company's common stock has been approved for listing on the New York Stock Exchange under the symbol "AAM."

Alma Maritime, a Marshall Islands company, plans to own a fleet of crude oil and product tankers and drybulk carriers, which will be employed on a mix of short, medium and long-term charters.  The Company intends to enter into a management agreement with Empire Navigation Inc. which will provide commercial, technical and administrative services to it.  Alma Maritime plans to use the proceeds of the offering, together with a $62 million capital contribution from its sponsors, to acquire two 2008-built Suezmax tankers and one 2005-built Capesize drybulk carrier, all expected to be delivered in May 2010, and four Suezmax tanker newbuildings which are scheduled to be delivered between May and September 2011 and for which it has entered into seven-year charter agreements.  The balance of the proceeds will be used for general corporate purposes, which may include working capital and additional vessel purchases.

BofA Merrill Lynch and UBS Investment Bank will act as joint book-running managers and representatives of the underwriters.  Sunrise Securities Corp. will act as lead manager and Clarkson Johnson Rice, BNP PARIBAS and UniCredit Capital Markets will act as co-managers.  A written prospectus meeting the requirements of Section 10 of the Securities Act of 1933, when available, may be obtained from BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attention: Prospectus Department; email: [email protected] or from UBS Investment Bank, 299 Park Avenue, New York, New York 10171, Attention: Prospectus Department; phone (877) 827-7275.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective.  These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.  This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities issuable pursuant to the registration statement, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The statements in this press release that are not historical facts may be forward-looking statements.  These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different.

SOURCE Alma Maritime Limited

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