Aries at a loss

A slack tanker market and losses on vessel sales dragged Aries Maritime into the red during the second quarter.

Nasdaq-listed Aries, which is in takeover discussions with Greek owner Grand Union, posted a loss of $8.2m for the quarter against a profit of $13.2m a year ago.

Revenue slumped from $18.0m to $15.4m year-on-year leading to an operating loss of $405,000.

Aries says it lost $5.6m on the sale of the 1,799-teu Ocean Hope (built 1989). A year ago ship sales contributed $13.6m to its bottom line.

For the first six months of 2009, Aries has run up losses of $12.5m, overturning a $6.3m profit seen a year earlier.

Aries operates a fleet of nine products tankers and two container ships. If the deal with Grand Union is completed, it will also take in three large bulkers in exchange for 15.98 million new shares.

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