Dry CargoEurope

Pioneer Marine trims fleet to 15 with handy sale

Athens-based dry bulk owner Pioneer Marine has revealed the sale of a handysize vessel in its latest set of quarterly results.

Pioneer has sold the 2015-built Falcon Bay, completing the sale of the Chinese-built (Guoyu) vessel yesterday. The company did not reveal a price, but said the sale will boost its liquidity by $6.3m. VesselsValue places a market value of $11.64m on the bulker.

Within its quarterly report, Pioneer also revealed that the November 2019 sale of 2006-built handysize bulker Fortune Bay had fallen through. The company retained the $1m deposit on the vessel, as set out in the sale agreement.

Pioneer posted an adjusted EBITDA of $0.8m for the second quarter, down on the $1.6m recorded in 2019.

Jim Papoulis, CEO of Pioneer Marine, commented: “The Covid-19 pandemic affected significantly the activity in the first half of 2020 and the recovery will likely be more gradual than initially expected. However, by the end of June 2020 the dry bulk freight market showed positive signs of recovery, and we remain optimistic that we are slowly paving our way to normality.”

The sale of Falcon Bay leaves Pioneer with a fleet of 15 handysize vessels.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
Back to top button