Torben Janholt’s Pioneer Marine is exiting the supramax bulker market after carrying out a very profitable deal for a 10-year-old ship.
The Athens-based shipowner has sold the 56,000-dwt bulker Tenacity Bay (built 2009) to an undisclosed buyer for $8.8m, European and US brokers said.
Pioneer Marine, which is listed on the Oslo over-the-counter market, bought the vessel from Korea Line in September 2016 for just $5.8m
The gain that Pioneer Marine is pocketing shows that even though the values have dropped a bit this year, the company is still fetching more than 50% more than it paid for the ship three...
