NMARU Nautilus Marine Acquisition Corp. - Unit (MM)

CUSIP No. Y6255E200 13G Page 2 of 10 Pages
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 (1) NAMES OF REPORTING PERSONS

 Hudson Bay Master Fund Ltd.

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 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
 (a) [ ]
 (b) [X]
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 (3) SEC USE ONLY
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 (4) CITIZENSHIP OR PLACE OF ORGANIZATION

 Cayman Islands
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NUMBER OF (5) SOLE VOTING POWER
 0
SHARES -------------------------------------------------------------

BENEFICIALLY (6) SHARED VOTING POWER

 594,000 shares of Common Stock

OWNED BY -------------------------------------------------------------

EACH (7) SOLE DISPOSITIVE POWER
 0
REPORTING -------------------------------------------------------------

PERSON WITH: (8) SHARED DISPOSITIVE POWER

 594,000 shares of Common Stock

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 (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 594,000 shares of Common Stock

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 (10) CHECK BOX IF THE AGGREGATE AMOUNT
 IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 [ ]
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 (11) PERCENT OF CLASS REPRESENTED
 BY AMOUNT IN ROW (9)
 9.61%
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 (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 CO
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CUSIP No. Y6255E200 13G Page 3 of 10 Pages
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 (1) NAMES OF REPORTING PERSONS

 Hudson Bay Capital Management, L.P.

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 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
 (a) [ ]
 (b) [X]
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 (3) SEC USE ONLY
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 (4) CITIZENSHIP OR PLACE OF ORGANIZATION

 Delaware
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NUMBER OF (5) SOLE VOTING POWER
 0
SHARES -------------------------------------------------------------

BENEFICIALLY (6) SHARED VOTING POWER

 594,000 shares of Common Stock

OWNED BY -------------------------------------------------------------

EACH (7) SOLE DISPOSITIVE POWER
 0
REPORTING -------------------------------------------------------------

PERSON WITH: (8) SHARED DISPOSITIVE POWER

 594,000 shares of Common Stock

----------------------------------------------------------------------------
 (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 594,000 shares of Common Stock

----------------------------------------------------------------------------
 (10) CHECK BOX IF THE AGGREGATE AMOUNT
 IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 [ ]
----------------------------------------------------------------------------
 (11) PERCENT OF CLASS REPRESENTED
 BY AMOUNT IN ROW (9)
 9.61%
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 (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 PN
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CUSIP No. Y6255E200 13G Page 4 of 10 Pages
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 (1) NAMES OF REPORTING PERSONS

 Sander Gerber
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 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
 (a) [ ]
 (b) [X]
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 (3) SEC USE ONLY
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 (4) CITIZENSHIP OR PLACE OF ORGANIZATION

 United States
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NUMBER OF (5) SOLE VOTING POWER
 0
SHARES -------------------------------------------------------------

BENEFICIALLY (6) SHARED VOTING POWER

 594,000 shares of Common Stock

OWNED BY -------------------------------------------------------------

EACH (7) SOLE DISPOSITIVE POWER
 0
REPORTING -------------------------------------------------------------

PERSON WITH: (8) SHARED DISPOSITIVE POWER

 594,000 shares of Common Stock

----------------------------------------------------------------------------
 (9) AGGREGATE AMOUNT BENEFICIALLY OWNED
 BY EACH REPORTING PERSON

 594,000 shares of Common Stock

----------------------------------------------------------------------------
 (10) CHECK BOX IF THE AGGREGATE AMOUNT
 IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 [ ]
----------------------------------------------------------------------------
 (11) PERCENT OF CLASS REPRESENTED
 BY AMOUNT IN ROW (9)
 9.61%
----------------------------------------------------------------------------
 (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 IN
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CUSIP No. Y6255E200 13G Page 5 of 10 Pages
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Item 1.

(a) Name of Issuer

 Nautilus Marine Acquisition Corporation, a Republic of Marshall
 Islands corporation (the "Company")

(b) Address of Issuer's Principal Executive Offices

 90 Kifissias Avenue
 15125, Athens, Greece


Item 2(a). Name of Person Filing

This statement is filed by Hudson Bay Master Fund Ltd., Hudson Bay Capital
 Management, L.P. (the "Investment Manager") and Mr. Sander Gerber
("Mr. Gerber"), who are collectively referred to herein as "Reporting Persons."

Item 2(b). Address of Principal Business Office or, if none, Residence

 The address of the principal business office of each of the Investment
 Manager and Mr. Gerber is:

 120 Broadway, 40th Floor
 New York, NY 10271

 The address of the principal business office of Hudson Bay Master Fund
 Ltd. is:

 Walkers SPV Limited, Walker House
 PO Box 908GT, Mary Street
 Georgetown, Grand Cayman
 Cayman Islands

Item 2(c). Citizenship

 Citizenship is set forth in Row 4 of the cover page for each Reporting
 Person hereto and is incorporated herein by reference for each such
 Reporting Person.

Item 2(d) Title of Class of Securities

 Common Stock, par value $0.0001 per share (the "Common Stock")


Item 2(e) CUSIP Number

 There is no CUSIP assigned to the Company's Common Stock. CUSIP number
Y6255E200 has been assigned to the units of the Company, which are quoted on
The NASDAQ Capital Market under the symbol NMARU. Each unit represents one
share of Common Stock and one warrant to purchase one share of Common Stock.


CUSIP No. Y6255E200 13G Page 6 of 10 Pages
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Item 3. If this statement is filed pursuant to ss.240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:

(a) [ ] Broker or dealer registered under Section 15 of the Act (15 U.S.C.
 78o).

(b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in Section 3(a)(19) of the Act (15
 U.S.C. 78c).

(d) [ ] Investment company registered under Section 8 of the Investment
 Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with ss.240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with
 ss.240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with
 ss.240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings association as defined in Section 3(b) of the Federal
 Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment
 company under Section 3(c)(14) of the Investment Company Act of 1940
 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J);

(k) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

CUSIP No. Y6255E200 13G Page 7 of 10 Pages
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 The Investment Manager, which serves as the investment manager to Hudson
Bay Master Fund Ltd., may be deemed to be the beneficial owner of all shares
of Common Stock held by Hudson Bay Master Fund Ltd. Mr. Gerber serves as the
managing member of Hudson Bay Capital GP LLC, which is the general partner of
the Investment Manager. Each of Hudson Bay Master Fund Ltd. and Mr. Gerber
disclaims beneficial ownership of these securities. Hudson Bay Master Fund
Ltd. is named as a Reporting Person herein solely to report the securities
held in its name.

Item 5. Ownership of Five Percent or Less of a Class

 If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following: [ ]

Item 6. Ownership of More than Five Percent on Behalf of Another Person

 Not applicable.

Item 7. Identification and Classification of the Subsidiary Which Acquired
 the Security Being Reported on by the Parent Holding Company

 Not applicable.

Item 8. Identification and Classification of Members of the Group

 Not applicable.

Item 9. Notice of Dissolution of Group

 Not applicable.

CUSIP No. Y6255E200 13G Page 8 of 10 Pages
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Item 10. Certification

 By signing below each of the undersigned certifies that, to the best of
its knowledge and belief, the securities referred to above were not acquired
and are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not acquired
and are not held in connection with or as a participant in any transaction
having that purpose or effect.


Exhibits:

Exhibit I: Joint Filing Agreement, dated as of July 25, 2011, by and among
Hudson Bay Master Fund, Ltd., Hudson Bay Capital Management, L.P.,
and Sander Gerber.

CUSIP No. Y6255E200 13G Page 9 of 10 Pages
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SIGNATURES

 After reasonable inquiry and to the best of its knowledge and belief,
each of the undersigned certifies that the information with respect to it set
forth in this statement is true, complete, and correct.

Dated: July 25, 2011


HUDSON BAY CAPITAL MANAGEMENT, L.P.

By: /s/ Sander Gerber
Name: Sander Gerber
Title: Authorized Signatory


HUDSON BAY MASTER FUND LTD

By: Hudson Bay Capital Management, L.P.
Investment Manager

By: /s/ Sander Gerber
Name: Sander Gerber
Title: Authorized Signatory


/s/ Sander Gerber
SANDER GERBER

CUSIP No. Y6255E200 13G Page 10 of 10 Pages


 EXHIBIT I

 JOINT FILING AGREEMENT

This will confirm the agreement by and among the undersigned that the Schedule
13G filed with the Securities and Exchange Commission on or about the date
hereof with respect to the beneficial ownership by the undersigned of the
Common Stock, of Nautilus Marine Acquisition Corporation is being filed, and
all amendments thereto will be filed, on behalf of each of the persons and
entities named below in accordance with Rule 13d-1(k) under the Securities
Exchange Act of 1934, as amended. This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

Dated as of July 25, 2011


HUDSON BAY MASTER FUND LTD HUDSON BAY CAPITAL MANAGEMENT, L.P.

By: Hudson Bay Capital Management, L.P. By: /S/ Sander Gerber
 Name: Sander Gerber
Investment Manager Title: Authorized Signatory
By: /s/ Sander Gerber Name: Sander Gerber
Name: Sander Gerber
Title: Authorized Signatory




/s/ Sander Gerber
SANDER GERBER







DOC ID-15927320.2

DOC ID-17078290.2