Pioneer Marine, an Oslo-listed company in transition after the exit of its former private equity owners, has expressed optimism about its prospects following a management buyout.
The firm has been so far controlled by Garrison Investment Group, a US fund that cashed in on the dry bulk bull market by selling down Pioneer's handysize fleet.
Pioneer has already divested six ships so far this year and a sale of its remaining five owned vessels is due to follow by the end of the third quarter, the company confirmed in a financial earnings release.
