Pioneer Marine expands commercial management platform with Tufton Oceanic deal

Torben Janholt-led dry bulk vessel owner Pioneer Marine is expanding its commercial management platform with a deal that will see five handysize bulkers coming in from UK-based fund management firm Tufton Oceanic Funds.

Pioneer Marine took its commercial management in-house last year, after ending a contract with Danish operator BaltNav. It currently owns 17 handysizes and one supramax, and has two Interorient handysizes (Orient Target and Orient Tide) currently under commercial management. 

In its latest set of results, Pioneer Marine revealed that it had entered into a commercial management agreement with Tufton Oceanic Funds to undertake the commercial management of five dry bulk vessels.

“Upon the initiation of this cooperation, the company will have under commercial management a total fleet of 24 handysize and one supramax vessels, including owned fleet,” the company said.

Pioneer Marine did not identify the five vessels coming in, although it is likely to be the Samjin-built Orient Accord, Orient Tiger, Orient Trader, Orient Trail and Orient Transit. The vessels are all in the same series and look to be part of a long-term charter or sale-and-leaseback deal having been originally ordered by Interorient.

Pioneer Marine posted a net profit of $3.7m for the first half of 2019.