Dry CargoEurope

Fleet expansion on the cards as management buyout at Pioneer Marine is concluded

Pioneer Marine executives Dimitris Papoulis and Korinna Tapaktsoglou are taking over the company, following the recent decision taken by its shareholders to sell the entire fleet.

CEO Papoulis and CFO Tapaktsoglou, together with the wider management team, reached a deal with the board of directors of Pioneer. They intend to take advantage of the current conditions in the dry cargo market and to further expand the company’s fleet.

Pioneer Marine currently operates 12 handysize bulkers, of which nine are privately owned, with a total capacity of 405,329 dwt. The company was founded in 2013 by Pankaj Khanna, former CEO of DryShips. In 2014, it was listed on the Norwegian OTC. Papoulis and Tapaktsoglou were part of the team that replaced Khanna, after his departure in 2017 and moved the company’s offices from Singapore to Greece.

Pioneer Marine recorded a net profit of $200,000 in Q1 this year, against a loss of $900,000 in the prior-year comparable period.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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