Grandunion, Inc., a company controlled by Michael Zolotas and Nicholas Fistes, announced that it has entered into a letter of intent with Aries Maritime Transport Limited (NASDAQ:RAMS) that contemplates, among other things, the acquisition of three Capesize drybulk carriers with an approximate net asset value of $36m in exchange for 15,977,778 newly issued shares of Aries, and a change of control of the company's Board of Directors. Upon closing the transaction, Fistes would serve as the Chairman of the Board of Directors, and Zolotas would serve as member of the Board and President of the company. Grandunion would also designate the Chief Financial Officer of the company and four out of seven members of the Board (including Fistes and Zolotas).