• 2016 May 22 11:07

    Pioneer Marine announces Q1 2016 results

    Pioneer Marine Inc.  and its  subsidiaries a  leading  shipowner  and  global  drybulk  handysize  transportation  service  provider announced  its  financial  and  operating results for the first quarter ended  March 31, 2016.

    For the first quarter of 2016 Pioneer Marine reported a net loss of $13.9 million, or $0.46 basic  and  diluted  per  share  which  includes  charges  amounting  to  $8.7  million  as  a  result  of  the  termination of five newbuild ing contracts. Excluding these charges,  Pioneer Marine’s adjusted net loss for the first quarter  of 2016 is $5.3 million or $0.17 per share basic and diluted.

    As  of  March 31,  2016 ,  Pioneer Marine  had  cash  and  cash  equivalents  of  $43.8  million  and  restricted cash of $12.5 million. Pioneer Marine’s commitments on its newbuilding  program  amount  to  $30.1 million  which  will  be  funded  from committed  loan  facilities  available  on  delivery of the newbuildings and from existing cash and cash equivalents.

    Within   Q2  2016  the   Company   received   an   amount   of   $44.4   million   re presenting   all  instalments paid for the construction of the  eight cancelled newbuildings and the interest as  per newbuilding contract termination agreement.

    About Pioneer Marine Inc. 

    Pioneer Marine  is a leading ship owner and global drybulk handysize  transportation service  provider.  Pioneer  Marine  currently  owns  fourteen Handysize  and  one  Handymax  drybulk  carriers  with  an  additional  two Handysize  newbuildings  on  order  for  delivery  through  2016  and  2017.  The Handysize  Green Dolphins  newbuildings are ‘Eco’ vessels designed by SDARI.


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