The New Aries

As expected, the new owners of Aries Maritime Transport have recapitalized and repositioned the company to their own liking. Gone are the containerships, which are to be replaced by the dropdown from Grandunion of four bulkcarriers (2 capesize and 2 Panamax) and two MR product carriers, all of which are employed on time charters. The transaction, valued at approximately $180 million, of which ~$20 million will be paid through the issuance of Aries shares at a price of not less than $2.25/share, a 125% from the recent closing price, with the balance coming from the assumption of debt. In addition, Grandunion eliminated any perception of conflict by also dropping down into Aries its technical and commercial management company, Newlead Shipmanagement.

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