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Aries Energy buys Norway's S Ugelstad

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Aries Energy Corp, the majority shareholder of US-listed shipping company Aries Maritime Transport, has bought Norwegian supply-ship outfit S Ugelstad, a company that was formed in 1929.

Ugelstad has been owned since 1988 by Peter Lorange, who is president of the International Institute for Managing Development in Lausanne, Switzerland, and a professor in economics.

The price of the transaction has not been disclosed. Ugelstad had a book value of NOK 137m ($21.7m) at the end of 2005 but net asset value (NAV) is believed to be substantially higher.

Aries Maritime has a mixed fleet of double-hull products tankers and boxships and is controlled by Sweden's Mons Bolin and Greece's Gabriel Petridis with a combined shareholding of 52%.

Ugelstad has been renamed Aries Offshore Management and is the leading investor in a new Norwegian limited company, Active Warrior DIS, which is in the process of being set up. This company has ordered a platform-supply vessel (PSV) at Myklebust Yard, south of Aalesund in Norway. The ship is costing NOK 187.5m ($30.2m) and is set for delivery in September or October 2008.

Aries Offshore is taking a 30% stake in the new company and becomes technical and commercial manager of the ship, which is built to the VS 470Mk2 design.

Glitnir Marine Finance is arranging the set up of the new company.

According to the prospectus from Glitnir, the company's strategy is to fix the vessel on medium or long-term charter or to sell the vessel if this is deemed favourable, prior to delivery from the yard. The project is being financed with a NOK 155m loan from Nordea Bank. Glitnir director Per Olav Karlsen is chairman of Aries Maritime.

Aries Offshore (Ugelstad) has a fleet of five supply vessels built between 1984 and 2005. In 2002, the company moved from Oslo to Aalesund.

 

By Trond Lillestolen, Oslo
 

Published: 12:55 GMT, 08 02 2007 | last updated: 12:55 GMT, 08 02 2007
 

Goodbye Aries

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Greece’s Aries Maritime Transport will be renamed NewLead Holdings from 21 December.

 

 

The Nasdaq-listed bulker player said its RAMS ticker symbol will become NEWL.

 

Chairman Nicholas Fistes said: "We look forward to ringing the closing bell at the Nasdaq (on 21 December), commemorating Aries' name change to NewLead. This name change symbolises a new beginning for the firm."

 

On 4 December, shareholders approved the move which recognises Greece's GrandUnion taking control of Aries in October in a deal that brought the company three bulk carriers.

 

Now run by GrandUnion's Fistes and Michail Zolotas, Aries Maritime plans to focus on the tanker and bulker sectors.

 

Aries owns 11 bulkers, containerships and products tankers.

By This e-mail address is being protected from spambots. You need JavaScript enabled to view it in London
Published: 13:53 GMT, 07 12 2009 | last updated: 14:00 GMT, 07 12 2009
 

Aries wants $275m

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Greece-based Aries Maritime Transport Ltd is seeking a listing on New York's Nasdaq exchange with a mixed fleet of a dozen products carriers and boxships that it hopes will draw $275m in an initial public offering.

Aries is an offshoot of Greece's Magnus Carriers, which has been building its fleet in recent months. Magnus will do both commercial and technical management of the fleet under 10-year contracts.

Aries brings seven products tankers built between 1986 and 2004. They range from 38,700 dwt to 84,000 dwt. The five container vessels, all built in 1989 and 1990, include two 2,900-teu vessels expected to be acquired at the close of the offering under options: the CMA CGM Makassar and CMA CGM Seine (both built 1990). Four of the five boxships carry charters with CMA CGM, the French liner company.

All 12 vessels are to operate initially under charters ranging from expiration later this year out to 2010.

Aries is structured to pay out a comparatively full dividend beginning with a first anticipated payout of 56 cents per share in November, assuming the company begins operations between 1 June and 30 September.

Aries is owned by Magnus Carriers partners Gabriel Petridis of Greece and Mons Bolin, a Swede, through their Rocket Marine Inc. At the conclusion of the offering, their stakeholding would be reduced to 43%.

Bolin heads up the management team as president and chief executive officer and director. Richard Coxall is chief financial officer after having served as finance director of Magnus Carriers since 2000.

Veteran shipbroker Per Olav Karlsen is to be chairman of the board of directors. He has been a managing director of Cleaves Capital, president of RS Platou Ptd Ltd and an employee of Fearnleys AS.

Aries is offering 15 million common shares with a target price of $14 to $16 per share. The offering is being led by Jefferies & Co, Credit Suisse First Boston and Fortis Securities.

By This e-mail address is being protected from spambots. You need JavaScript enabled to view it in Stamford
Published: 16:04 GMT, 16 05 2005 | last updated: 16:18 GMT, 16 05 2005
   

Bhatias celebrate Aries partnership

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When Bhatia International, one of India's largest coal importers, threw a party to celebrate the launch of its newly formed shipowning company Bhatiaries a joint venture partnership between Bhatia shipping arm Ishhar Overseas and Aries Energy Corp of Greece the dry-bulk world took notice.

The top brass of the world's dry-bulk majors flew into Dubai from as far as Europe and Asia to take part in the celebration. They were joined by leading figures in the world of maritime banking and shipbroking.

Events kicked off in the morning with a game of golf in one of the most unusual settings in which the popular game can be played a course set in the middle of the desert. Exertions on the golf course over, hungry participants then enjoyed a lunch feast in the club house.

In the evening, a lavish dinner was held at a hotel overlooking Dubai Creek. Rather than being the usual staid function shipping companies tend to throw, this one was alive with colour and excitement, provided by a troupe of traditional dancers from the Punjab.

The Bhatia Brothers themselves then took to the dance floor showing off their skills at bhangra dancing, an energetic style popular at Indian discos and clubs. It was not long before most of the guests shed their dinner jackets and joined in the fun.

 

By Jonathan Boonzaier , Dubai
 

Published: 13:13 GMT, 25 10 2007 | last updated: 13:16 GMT, 25 10 2007
 

Aries Energy buys Norway's S Ugelstad

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Aries Energy Corp, the majority shareholder of US-listed shipping company Aries Maritime Transport, has bought Norwegian supply-ship outfit S Ugelstad, a company that was formed in 1929.

Ugelstad has been owned since 1988 by Peter Lorange, who is president of the International Institute for Managing Development in Lausanne, Switzerland, and a professor in economics.

The price of the transaction has not been disclosed. Ugelstad had a book value of NOK 137m ($21.7m) at the end of 2005 but net asset value (NAV) is believed to be substantially higher.

Aries Maritime has a mixed fleet of double-hull products tankers and boxships and is controlled by Sweden's Mons Bolin and Greece's Gabriel Petridis with a combined shareholding of 52%.

Ugelstad has been renamed Aries Offshore Management and is the leading investor in a new Norwegian limited company, Active Warrior DIS, which is in the process of being set up. This company has ordered a platform-supply vessel (PSV) at Myklebust Yard, south of Aalesund in Norway. The ship is costing NOK 187.5m ($30.2m) and is set for delivery in September or October 2008.

Aries Offshore is taking a 30% stake in the new company and becomes technical and commercial manager of the ship, which is built to the VS 470Mk2 design.

Glitnir Marine Finance is arranging the set up of the new company.

According to the prospectus from Glitnir, the company's strategy is to fix the vessel on medium or long-term charter or to sell the vessel if this is deemed favourable, prior to delivery from the yard. The project is being financed with a NOK 155m loan from Nordea Bank. Glitnir director Per Olav Karlsen is chairman of Aries Maritime.

Aries Offshore (Ugelstad) has a fleet of five supply vessels built between 1984 and 2005. In 2002, the company moved from Oslo to Aalesund.

 

By Trond Lillestolen, Oslo
 

Published: 12:55 GMT, 08 02 2007 | last updated: 12:55 GMT, 08 02 2007