Pioneer Marine makes rare S&P play

Pioneer Marine makes rare S&P play

Greek headquartered dry bulk player Pioneer Marine has made its first significant move in the sales and purchase move in years, according to brokers on the ground in Athens. The company, which last year shuffled top management, owns a fleet of 16 geared dry bulk carriers comprising 14 handysizes, one handymax and a supramax.

Pioneer Marine, which returned to profit in the fourth quarter of 2017, has decided to take advantage of of the bulker upturn, laying $41m on the table for the 37,000 dwt Orient Dispatch, Orient Delivery, and Orient Defender. The ships were built in South Korea. The ships belonged to a much larger shipping outfit – Themis Papadopoulos backed Interorient Shipmanagement, who recently also sold a quartet of mini-capesize vessels to bulker giant Oldendorff Carriers.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.

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