Handysize dry bulk specialist Pioneer Marine has reached a mutual agreement with Danish operator BaltNav to cease their cooperation, the company said in its latest quarterly financial report.
Pioneer’s commercial management will be undertaken in house, and the transition is expected to be completed by June 2018.
The termination of the contract comes only months after Pioneer handed commercial operation of the vessels to BaltNav in October 2017.
Additionally, Pioneer Marine confirmed an acquisition of three 37,000 dwt bulk carriers from Cyprus owner Interorient Navigation, with delivery scheduled in June.
Pioneer Marine currently operates a fleet of 16 bulkers with another newbuild under construction at Taizhou Sanfu Shipbuilding.
