Pioneer Marine investors are set for a nice payday as the company has reaped close to $59m from the sale of five handysize bulkers.

It has completed the disposal of four of its vessels including the 32,300-dwt Emerald Bay (built 2008) under a memorandum of agreement (MOA) signed on 2 March.

Pioneer Marine confirmed it was selling four vessels in late February when it reported full-year results for 2020, but the identity of the other vessels has not been disclosed.

However, TradeWinds reported in early February that Egyptian interests had paid $6.8m for Pioneer Marine’s 28,300-dwt Eden Bay (built 2008).

Separately, Pioneer Marine has also signed another MOA to sell the 32,400-dwt Mykonos Bay (built 2009), which is expected to be delivered to its new owners by the end of June.

As a result of the latest vessel sales, shareholders in the Jim Papoulis-led company are set for a 98 US cents per share dividend.

The cash dividend will be payable on or around 28 April to shareholders of record on 21 April, the Norwegian over-the-counter listed shipowner said.

After the sales, Pioneer Marine’s fleet will shrink to 10 geared handysize bulkers.

Allied Shipbroking's latest market report says 43 handysize bulkers have changed hands in 2021.

The Greek company said these deals were worth $375m and account for almost 15% of all dry bulk sales so far this year.

Handysizes are “the rising stars of the dry bulk market”, according to recent analysis by the UK's Affinity (Shipping).

The Richard Fulford-Smith-led broker said although handysize interest has been shifting towards bigger vessels like supramaxes over the past few years, the sector still holds interest, especially when it appears to be the largest beneficiary of the emphatic dry bulk recovery.

“Thus, despite little improvement in newbuilding and resale prices when compared with the second half of 2020 and the beginning of the year, secondhand prices have been showing constant improvements, along with the increasing freight rates," Affinity said.

“This has particularly been the case for 10-year-old prices, which have gained almost 30% since December.”