Pioneer Marine

Oslo over-the-counter (OTC) listed Pioneer Marine sold 2015 built handysize bulk carrier 38K DWT MV Falcon Bay. In a separate deal, Greek shipowner and operator Pioneer Marine tried to sell 2006 built handysize bulk carrier 28K DWT MV Fortune Bay. However, the deal was canceled by the buyers and Pioneer Marine had maintained a deposit of $1 million. On the other hand, Pioneer Marine agreed with one of its bankers to defer a portion of the three next quarterly installments against prepayment of $3 million. In Q2 2020, Pioneer Marine reported a loss of $6.5 million. In Q2 2020, Pioneer Marine reported TCE (Time Charter Equivalent) revenue of $7.3 million. In Q2 2020, Pioneer Marine was significantly affected by the coronavirus recession. Jim Papoulis-led Pioneer Marine expects a gradual recovery in dry bulk shipping markets. Pioneer Marine is optimistic about the near future of dry bulk shipping markets. 13-August-2020

 

Torben Janholt led Pioneer Marine sold 2009 build supramax bulk carrier 56K DWT MV Tenacity Bay for about $9 million. In September 2016, Athens based shipowner and operator Pioneer Marine bought MV Tenacity Bay from Seoul based Korea Line for about $6 million. Oslo over-the-counter (OTC) listed Pioneer Marine is exiting the supramax segment with the sale of MV Tenacity Bay. Even though the values of second-hand supramax bulk carriers have dropped in 2019, Pioneer Marine is still fetching more than 50% what it paid for MV Tenacity Bay in 2016. Pioneer Marine has also sold two (2) handysize bulk carriers in 2019. In October 2019, Pioneer Marine sold 2006 built handysize bulk carrier 26K DWT MV Fortune Bay to Vietnamese shipowner for about $6.5 million. In February 2019, Pioneer Marine sold 2003 built handymax bulk carrier 46K DWT MV Bay for about $9.8 million to Canadian shipowner CSL Group. In 2018, Pioneer Marine reported a net profit of $1.8 million. Till Q3 2019, Pioneer Marine reported a net profit of $6.7 million. After the sale of MV Tenacity Bay, Pioneer Marine will be left with a fleet of 17 handysize bulk carriers with an average age of eight (8) years. 12-December-2019

 

Greek shipowner and operator Pioneer Marine reported a net profit of $1.1 million in Q2 2018. Same period last year, Pioneer Marine reported a net loss of $1.9 million in Q2 2017. In Q2 2018, Pioneer Marine reported Time Charter equivalent (TCE) revenue of $13.6 million as compared to $11.1 million for the same period of Q2 2017. Time Charter Equivalent (TCE) revenue was mainly due to the increase in the dry bulk market rates for Q2 2018. In Q2 2018, the Time Charter equivalent (TCE) rate increased to $9,484 per day as compared to $8,009 per day in Q2 2017 which is an increase of 18%. CEO Torben Janholt confirmed that Greek shipowner and operator Pioneer Marine had entered into a $64.4 million credit facility with ABN Amro Bank with significantly improved terms. ABN Amro Bank credit was used to refinance one of existing loans and to finance the acquisition of MV Monterey Bay and MV Alsea Bay. 29-August-2018