Aries abandons box shipping to focus on bulk carriers

ARIES Maritime Transport is reported to be selling its last two container ships, the MSC Saronikos Bridge and MSC Seine, before year-end for an estimated US$11.4 million as part of a major restructuring drive.

Grandunion Incorporated, which acquired a controlling interest in Aries in September, plans to transfer the assets of Newlead Ship Management, namely four dry bulk carriers and two product tankers, to Aries, reports Handy Shipping Guide, which described the agreements as being currently non-binding.

A spokesman for Grandunion was cited as saying that they are pleased to be exiting the container shipping market and believed that the "influx of expertise and equipment from Newlead would bolster Aries' future performance and operating efficiency which had hitherto been poor," the report said.

This comes as Aries Maritime Transport posted a third quarter loss of more than US$111 million against a loss of $4.3 million a year ago.

Source: www.schednet.com