Greek bulker operator Pioneer Marine has revealed a bigger profit for 2022 following its management buy-out and fleet sale.

The Oslo over-the-counter listed company said net earnings last year were $7.12m, up from $2.66m in 2021.

Revenue declined to $420,000 from $27.6m as 13 bulkers were sold for $126.4m.

Last year’s costs showed a gain of $6.7m against expenses of $23.65m in 2021, due to a profit of $6.97m from the vessel disposals.

As of 31 December, the company had no outstanding loan balances.

The company’s website says it operates a fleet of 16 handysizes. VesselsValue lists two as owned.

2021 was a pivotal year for Pioneer Marine as chief executive Jim Papoulis and chief financial officer Korinna Tapaktsoglou bought the company and, with the support of affiliated investors, acquired eight bulkers from the fleet.

The in-house technical management department has since been expanded.

The buy-out saw founding US private equity fund Garrison Investment Group exit the company.

Pioneer Marine has said it is focused on “available opportunities of expansion in maintaining high environmental standards”, adding that “green and sustainable shipping is our main area of interest”.

Last ship sold last year

The last remaining vessel, the 37,000-dwt Resolute Bay (built 2012), was offloaded in February 2022, adding $13.8m in liquidity.

The company made $61.2m of loan repayments and prepayments in 2021 and handed out $96.5m as dividends to shareholders.

Pioneer was formed in 2013 by Pankaj Khanna, the former operations chief of Greek bulker and tanker owner DryShips and now Heidmar CEO, with backing from Garrison.

Papoulis and Tapaktsoglou formed part of the new management team that replaced Khanna after he left in 2017, moving the company from Singapore to Greece.