Pioneer Marine

Athens-based Oslo over-the-counter (OTC) listed shipowner and operator Pioneer Marine eyes expansion after the management buyout in buoyant markets. CEO Jim Papoulis and CFO Korinna Tapaktsoglou-led Greek bulker manager Pioneer Marine returns to profit in a transformative year. Athens-based shipowner and operator Pioneer Marine has returned to profit and is ready for growth after a transformative year. Pioneer Marine was backed by Garrison Investment Group. In 2021, Pioneer Marine completed a fleet sale and management buyout that saw founding US private equity fund Garrison Investment Group exit the company. Oslo over-the-counter (OTC) listed Athens-based shipowner and operator Pioneer Marine was established in 2013 by Pankaj Khanna, the former operations chief of DryShips. In 2017, Pankaj Khanna left the Pioneer Marine to Jim Papoulis and Korinna Tapaktsoglou. Jim Papoulis and Korinna Tapaktsoglou moved the Pioneer Marine from Singapore to Athens. Today, Pioneer Marine is owned by CEO Jim Papoulis and CFO Korinna Tapaktsoglou. Currently, Athens-based shipowner and operator Pioneer Marine owns and operates 13 handysize bulk carriers. 12-August-2022

 

Oslo over-the-counter (OTC) listed Athens-based shipowner and operator Pioneer Marine has recruited a former DVB Bank veteran Frans van de Bospoort as a non-executive director of Pioneer Marine Advisers at the Singapore office. Singapore-based Pioneer Marine Advisers is part of the Pioneer Marine commercial platform. Pioneer Marine is sure that Frans van de Bospoort’s extensive background, and international network in the shipping industry, will unlock fresh horizons to the expansion and development of Athens-based shipowner and operator Pioneer Marine. Pioneer Marine is backed by Garrison Investment Group. Oslo over-the-counter (OTC) listed Athens-based shipowner and operator Pioneer Marine was established in 2013 by Pankaj Khanna, the former operations chief of DryShips. In 2017, Pankaj Khanna left the Pioneer Marine to Jim Papoulis and Korinna Tapaktsoglou. Jim Papoulis and Korinna Tapaktsoglou moved the Pioneer Marine from Singapore to Athens. Currently, Athens-based shipowner and operator Pioneer Marine owns and operates 13 handysize bulk carriers. 7-February-2022

 

Oslo over-the-counter (OTC) listed Athens-based shipowner and operator Pioneer Marine executives are stepping in to acquire the Pioneer Marine after stockholders backed a plan to sell the entire fleet of bulk carriers at the end of June 2021. CEO Jim Papoulis and CFO Korinna Tapaktsoglou have struck an agreement with the BOD (Board of Directors) to proceed with a management buyout. Currently, Athens-based shipowner and operator Pioneer Marine owns and operates 13 handysize bulk carriers. Pioneer Marine was established in 2013 by Pankaj Khanna. Pankaj Khanna was the former operations chief of DryShips. Furthermore, Pioneer Marine was backed by the private equity fund Garrison Investment Group. In 2017, Pankaj Khanna left Pioneer Marine. CEO Jim Papoulis and CFO Korinna Tapaktsoglou moved the Pioneer Marine from Singapore to Athens. 1-July-2021

 

Oslo over-the-counter (OTC) listed Athens-based shipowner and operator Pioneer Marine sold five (5) handysize bulk carriers for around $59 million since the beginning of 2021. Jim Papoulis-led Pioneer Marine is going to distribute a dividend of $0.98 per share at the end of April 2021. Currently, shipowner and operator Pioneer Marine owns and operates ten (10) handysize bulk carriers. 14-April-2021

 

Athens-based shipowner and operator Pioneer Marine sold four (4) handysize bulk carriers to take advantage of a positive movement in the secondhand handysize bulk carriers market. Athens-based shipowner and operator Pioneer Marine reported a net loss for 2020. Oslo over-the-counter (OTC) listed Pioneer Marine is going to deliver four (4) handysize bulk carriers in May 2021 to the new shipowners and operators. In 2020, Pioneer Marine sold another four (4) handysize bulk carriers. Pioneer Marine reported a net loss of $14.5 million for the full year of 2020. CEO Jim Papoulis-led Pioneer Marine estimates that the positive outlook in the handysize bulk carriers market will continue in 2021. According to Pioneer Marine, handysize bulk carrier rates in 2021 will continue at pretty healthy levels due to swiftly soaring market conditions. Currently, Greek shipowner and operator Pioneer Marine owns and operates thirteen (3) bulk carriers. 25-February-2021

 

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

 

Oslo over-the-counter (OTC) listed Pioneer Marine’s CEO Torben Janholt stepped down after three (3) years at the position. Torben Janholt has led Athens-based shipowner and operator Pioneer Marine since the commencement as a board member. Torben Janholt has determined to quit his mission and resume his personal goals. Torben Janholt was CEO (Chief Executive Officer) of Pioneer Marine for three (3) years and a board member for seven (7) years. Pioneer Marine was established in 2013. Dimitris Papoulis is appointed an interim CEO (Chief Executive Officer) of Pioneer Marine. Previously, Dimitris Papoulis was Vice President of Chartering and COO (Chief Operating Officer) of Pioneer Marine. Currently, Greek shipowner and operator Pioneer Marine owns 16 bulk carriers. 29-February-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 sold 2006 built handysize bulk carrier 26K DWT MV Fortune Bay for around $6 million. Pioneer Marine is going to deliver the MV Fortune Bay to the new owners in Q1 2020. In April 2019, Athens-based shipowner and operator Pioneer Marine sold 2003 built handymax bulk carrier 46K DWT MV Fortune Bay for around $10 million. Pioneer Marine has reported that after a challenging Q1 2019 the dry bulk shipping markets bounced back in Q3 2019. According to Pioneer Marine, the positive sentiment affected smaller sizes Furthermore, an increase in minor bulk trades affected handysize bulk carrier freight rates. Besides its bulk carriers, Pioneer Marine manages five (5) handysize bulk carriers of Tufton Oceanic Funds. Currently, Oslo over-the-counter (OTC) listed Pioneer Marine operates 25 handysize bulk carriers. 5-November-2019

 

Greek shipowner and operator Pioneer Marine turns a profit in Q2 2019 amid a challenging dry bulk market. Oslo over-the-counter (OTC) listed Pioneer Marine almost doubled its earnings in Q2 2019. In 2019, Pioneer Marine reported a $3.66 million net profit. In 2019, Pioneer Marine reported a revenue of $10.3 million. Pioneer Marine easily overcame the astonishing decline in the dry bulk market in 2016. In February 2016, the BDI (Baltic Exchange Dry Index) hit a historic low of 291 points due to oversupply of tonnage, inadequate global production, and lower demand for commodities. However, Athens-based shipowner and operator Pioneer Marine is optimistic about the dry bulk market for the remainder of 2019, notwithstanding all the ambiguities circling the new IMO (International Maritime Organization) 2020 low sulfur regulations. Greek shipowner and operator Pioneer Marine has been well prepared for IMO (International Maritime Organization) 2020 low sulfur regulation transitional period to serve bulk carrier charterers efficiently. Currently, Athens-based shipowner and operator Pioneer Marine owns 17 bulk carriers and keeps looking for attractive opportunities. 10-August-2019

 

Athens-based shipowner and operator Pioneer Marine reported improved Q1 2019 earnings notwithstanding lower dry bulk carrier rates as a consequence of the US-China trade war, Vale’s dam collapse, and Australia’s weather catastrophes. Oslo over-the-counter (OTC) listed Pioneer Marine had a good chartering strategy with a vision to operate the distressed dry bulk market. In Q1 2019, Pioneer Marine reported a $1.5 million. In Q1 2019, Pioneer Marine reported a revenue of $14.4 million. Pioneer Marin’s fleet has been covered for more than 65% during Q1 2019. Greek shipowner and operator Pioneer Marine beat the average freight rates in the handysize bulk market and secured a concrete operating cash flow. At the end of Q1 2019, Athens-based shipowner and operator Pioneer Marine reported a total liquidity of $23.3 million. Currently, Pioneer Marine has a fleet of seventeen (17) handysize bulk carriers and one (1) supramax bulk carrier. 7-May-2019

 

Greek shipowner and operator Pioneer Marine sold 2003 built handymax bulk carrier 46K DWT MV Paradise Bay. MV Paradise Bay was the oldest bulk carrier in the fleet of Pioneer Marine. Pioneer Marine is going to be delivered to the new shipowner and operator in April. Oslo over-the-counter (OTC) listed Pioneer Marine has been in fleet renewal plan. Athens-based shipowner and operator Pioneer Marine has reported a net income of $5.1 million in 2018. The end of Q4 2018 marks a very successful year for shipowner and operator Pioneer Marine. In Q4 2018, Pioneer Marine covered 50% of the bulk carrier fleet at an average TCE (Time Charter Equivalent) rate of $10,100 per day. 17-February-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