Michael Tartsinis, chairman of Global Oceanic Carriers, is spearheading a170.5p recommended bid for the Greek shipping group.

Newport Holdings, a new investment company in the Marshall Islands tax haven owned by Tartsinis Global director Antonios Nikolaou, and a third player Kriton Lentoudis , is the vehicle making the bid, which Global’s board is recommending. This is not surprising, since Lentoudis holds 60 per cent and Tartsinis and Nikolaou jointly own 40 per cent of another company, Kaylee Maritime, which owns 79.3 per cent of the target company, Global Oceanic.

Global’s independent directors have urged acceptance of the offer, which represents a 27 per cent premium to the AIM-quoted company’s average performing month to yesterday. Newport argues the 18-year average age of Global’s dry bulk cargo fleet will attract lower charter rates than newer vessels and ‘may place further pressure on Global’s share price’.

Global’s shares have been volatile since joining AIM in 2005 at 140p. The price fell to
35.5p two years ago, but has now surged to 167.5p, up 35.5p this morning, valuing the company at £67 million.

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