Pioneer Marine sold Supramax

Torben Janholt led Pioneer Marine sold 2009 build supramax bulk carrier 56K DWT MV Tenacity Bay for about $8.8 million. In September 2016, Athens based shipowner and operator Pioneer Marine bought MV Tenacity Bay from Seoul based Korea Line for about $5.8 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 net profit of $1.8 million. Till Q3 2019, Pioneer Marine reported 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.