Pioneer takes delivery of second Green Dolphin

JANUARY 11, 2016 — Handysize dry bulker operator Pioneer Marine Inc. (OSLO-OTC: PNRM) reports that it has accepted delivery of a 38,419 DWT Green Dolphin eco-design handysize vessel, the M.V. Kite Bay. The Kite Bay will commence a one year charter on a floating rate based on the Baltic Supramax Index less a small discount. The charterer may extend the charter for up to one additional year.

The delivery of the Kite Bay expands the company's operating fleet to fourteen handysize vessels and one handymax vessel.

"Delivery of our second Green Dolphin newbuilding comes at a very challenging time for the drybulk industry as freight rates today are $4,000 per day or below for all vessel sizes, and that is if you can achieve index after including idle time," said Pioneer CEO Pankaj Khanna. "Pioneer continues to earn a premium over index, but when the index is this low it is of little consolation. Pioneer had contracted twelve newbuilds of which three have been canceled without penalty and two vessels have delivered. The seven remaining newbuildings are scheduled to be delivered in 2016 (four) and 2017 (three). We continue to work with our shipyard to seek possible solutions given the unprecedented market conditions."

Built at China's Yangzhou Guoyu Shipbuilding Co., Ltd, Kite Bay is Pioneer's second Green Dolphin eco-design handysize vessel with a fuel consumption about 6 tonnes per day lower than the non-eco design vessels.

In addition to eco-friendly features, Pioneer's Green Dolphin newbuilding series are equipped with features that offer substantial commercial flexibility such as: hulls strengthened to Ice Class 1C, fully logs fitted, suitable for the carriage of various dangerous cargoes, grab fitted, ABB Octopus system for fuel consumption optimization, and mass flow meters on the bunker line.

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