Tuesday, November 17, 2009

Aries Exits Container Shipping And Acquires Bulk Carriers

Major Repositioning for Greek Line after Poor Q3 Figures
Shipping News Feature

ATHENS – GREECE – Aries Maritime Transport have announced a third quarter loss of over $111 million compared to last years loss a year ago of $4.3 million. The company is taking major steps to reorganise and this will include selling the lines last two container vessels, the MSC Saronikos Bridge and MSC Seine before the end of the year at an estimated $11.4 million.

In addition to the sale, Grandunion Incorporated, which purchased a controlling interest in Aries in September, will transfer the assets of Newlead Ship Management, namely four dry bulk carriers plus two product tankers, to Aries. All agreements are currently non binding.

A spokesman for Grandunion said they were pleased to exit the container market and felt that the influx of expertise and equipment from Newlead would bolster Aries future performance and operating efficiency which had hitherto been poor.