Pioneer Marine Secures Financing for Vessel Acquisitions

financingIllustration; Image Courtesy: Pixabay under CC0 Creative Commons license

Pioneer Marine, owner of Handysize bulkers, has secured a USD 64.4 million a credit facility with ABN Amro Bank N.V.

The facility, inked in June 2018,  was used to partially finance the acquisition of the three second-hand vessels and to refinance one of the company’s existing loan facilities.

The three ships, M/V Monterey Bay, M/V Alsea Bay and M/V Liberty Bay, were delivered to Pioneer Marine in June and July, bringing the company’s fleet to 19 vessels, 17 Handysizes and two Supramaxes. The trio was bought from Interorient Navigation Company Limited of Cyprus for a total purchase price of USD 39 million.

Pioneer Marine recovered from a net loss of USD 1.9 million for Q2 2017, to USD 1.1 million profit in the second quarter of 2018.

“The company reported net income of USD 2.4 million for the first half of 2018 as well as an increased EBITDA of USD 10.4 million. The acquisition of three modern second-hand vessels combined with new attractive finance for the company is evidence for the positive momentum we are experiencing and an indicator of our company’s potential,” Torben Janholt, Chief Executive Officer, said.

“Now with a fleet of 19 efficient vessels and an increase in chartering activity Pioneer is more than ever ready to serve customers worldwide. In spite of looming trade wars the dry bulk market still experiences a reasonable balance between supply and demand and for the remainder of the year we look forward with optimism.”

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