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Athens-based Pioneer Marine reveals sale of four bulkers

Athens-based Pioneer Marine reveals sale of four bulkers

In its most recent collection of financial results, Athens-based handysize specialist Pioneer Marine announced the selling of four bulkers.

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“The S&P market has also recently started to follow this improvement, and we are witnessing higher values for the head Owners interest. This is being predominantly driven by firm purchasing interest, with owners content to sit on healthy earnings," said Jim Papoulis, chief executive officer of Pioneer Marine.

The company entered into agreements earlier this month to sell the four vessels to unrelated third-parties. The company says delivery will be completed by the second quarter of this year, while under Pioneer Marine, full management of three of the vessels will remain.

"Our first quarter 2021 fixtures reflect these rapidly improving market conditions, and we remain well-positioned and committed to continue to take actions which will serve our strategic targets of sustainable growth," Papoulis added.

No further information was provided as to which particular vessels were sold and who the buyers were, but VesselsValue indicates that the handy Japanese Eden Bay built in 2008 was sold to unknown Egyptian buyers for around $6.8 million. The vessel is equipped with a BWTS and is scheduled for dry-docking in May 2021.

A fleet of 14 handy-sized ships is currently operated by Pioneer Marine. In 2020, the company announced a $14.5m net loss.

Maritime Business World

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