Grand Union of Greece has moved in on Aries Maritime in a deal which will see it swap three capesize vessels for control of the Nasdaq-listed shipowner’s boardroom.



Grand Union owners Michael Zolotas and Nicholas Fistes (above) will also take over top jobs at Aries if all the terms of the letter of intent are met.



News of the move sent Aries shares spinning up almost 20% in early trading in New York.

Michael Zolotas.

Jeff