Company Profile



Aries Energy Corporation Group of Companies (AEC) was founded in 2003 by Captain Gabriel Petridis and Mr Mons Bolin. The formation of AEC was not, however, the first successful business of its founders. Both of them share 78 years of shipping industry experience.


In 1991 they established the SSS Group which owes its success in establishing its multi-faceted business to the financial backing and leadership of its founders. Since its establishment in 1991, these first generation ship operators developed the business to where it has been recognized as a major dry cargo carrier, particularly in the sugar and grain trade, a leader in niche markets in the refrigerated cargo sector and latterly a tanker operator and ship management company. This has been achieved against a background of poor trading conditions during the last few years.


In the same year of its incorporation the Group acquired its first vessel and added ship operation to its business activities. Within 2 years the fleet had grown to 10 dry cargo vessels. In 1992 the Group transferred its ship management operations to Greece, leaving the London office to concentrate on its vessel chartering and cargo contracting business. In 1994 the Group diversified into the refrigerated cargo vessel sector. In 1995, the Group bought 2 reefer vessels to assist servicing these contracts. A further 8 reefer vessels came under Group control as the business grew. In 1997, further diversification took place with the Group’s entry into the chemical tanker sector by bringing under its control 5 such vessels. In 1998 SSS established a new office in Buenos Aires with local partners to further develop the Group’s refrigerated cargo business. Soon after the new Millennium, the Group embarked upon an exit strategy for its dry cargo vessels (tweendeckers and Santa Fe types) having predicted a continuing difficult market for such ships. 

The Group expanded its reefer fleet modestly, expecting this sector to improve, at the same time growing its 3rd party ship management activities. Product tankers were the focus for Group diversification, with the Group contracting 4 new buildings 38,700 dwt units.


Magnus Carriers Corporation (MCC) is incorporated in Panama and is wholly owned by AEC. This company was responsible for the management of the vessels of the SSS fleet. Currently, MCC manages the vessels of Aries Maritime Transport Limited, a NASDAQ listed company – a complete company profile of which is presented later in the document. MCC also undertakes management of third party vessels.


Towards the end of 2002, the strategic decision was taken by the principals to concentrate on the tanker and container ship sectors of the maritime industry. With the divesting of the majority of the fleet operating under the auspices of the Southern Seas Shipping Corporation Group (SSS Group) during the latter half of 2002 and beginning of 2003, the principals embarked upon an acquisition program focused upon product tankers and container ships. Using the principals’ chartering connections to package these acquisitions with period employment was also part of the strategy, as was a corporate restructuring exercise during 2003, which saw the birth of the Aries Group.


Following favorable market trends in the US stock exchange for the shipping industry the directors and owners of Aries Group decided to create Aries Maritime Transport Ltd (AMT ltd.) consisting of 12 vessels for the purpose of entering Nasdaq. AMT ltd, a Bermuda company incorporated in January 2005 as an indirect subsidiary of Aries Energy Corporation, entered the Nasdaq National Market under the symbol “RAMS”, on June 3, 2005 in an initial public offering of 13,640,000 of its common shares. Aries Energy Corporation owns 52% (14,766,877 shares) of the issued and outstanding capital stock of Aries Maritime Transport Limited.

Following the market trend of increasing demand for liquefied petroleum gas (LPG) and LPG Carriers (LPG/C), Captain Gabriel Petridis and Mons Bolin decided to diversify their sources of revenue by investing in the purchase of an LPG storage terminal, four LPG/Cs, four New Buildings LPG/Cs and one New Building Ethylene Carrier. This led to the formation of Trident Holdings Corporation, the company that holds the LPG storage terminal. The LPG Fleet is under the umbrella of Glory Shipmanagement Inc. Both companies are fully owned by AEC.



The operations of the Group are organized along functional lines, where separate companies have responsibility for different operations. The Greek office is the main operating unit of the Group, while the London office activities are focused upon new project development, chartering and operation of chartered third party vessels.


Investment management

Gabriel Petridis and Mons Bolin are jointly responsible for the major decisions concerning the management of the Group’s investments. Together with other senior management, they have at their disposal a wealth of experience in diverse sectors of the shipping industry. It is this knowledge and close market contact on a daily basis that are the main ingredients of the Group’s investment analysis process. The Group also uses computer based modeling. Internal rate of return and discounted cash flow analysis techniques are used, as is input from major industry researchers and brokers.


Technical management

The Group understands that the basic ingredient for successful vessel management is achieving the optimum balance between technological efficiency and control of costs, while maintaining at all times the required quality.
The Group’s technical team combines breadth and depth of expertise to provide the required levels of asset protection and safe operation. This is effected by close vessel monitoring through regular inspections, planned maintenance and regular upgrading.


Commercial management

The Group’s commercial management elements include; vessel supplies, insurances, customer services, travel services, crewing and legal department matters.
The Group has established relationships with a wide range of bunker brokers and suppliers worldwide to ensure the most competitive terms are achieved. Vessel spare parts and supplies are computerized to ensure that the operational track record the Group has achieved is maintained.
The Group operates a policy of insuring its vessels with first class H & M underwriters and P&I clubs only.


Financial management

Gabriel Petridis and Mons Bolin are ultimately responsible for the management of the Group’s finances. They are assisted in this area by the Finance Director and the Finance Dept.
The breadth and depth of the Group’s banking relationships ensures a wide source of funding, key to the success of the business, is constantly available. The joint managing directors are the main points of contact for these relationships. The Finance Director has the role of first point of contact with the principal banks.


Quality and safety systems

The Group sees this area of its operation as integral to its success in establishing and maintaining the reputation it enjoys for reliable and safe service.
The Quality & Safety manager is responsible for maintaining high standards of quality and safe vessel operation.



The Group’s subscriptions to the publications of leading industry researchers provides the management with worldwide data on the various shipping sectors on a regular basis. Through its network of broker contacts, up to date market information is sourced on a daily basis.