The improved dry bulk freight market has helped Pioneer Marine return to the black in the second quarter of 2018.
The Torben Janholt-led shipowner made a net profit for the three months of $1.1m versus the loss of $1.9m seen in the same quarter last year.
The handysize bulker specialist saw revenue jumped almost 35% year-on-year to $16.7m, while vessel operating expenses eased by almost 3% to $6.7m.
Time Charter equivalent (TCE) revenue increased by $2.5m, or 23%, to $13.6m as compared to $11.1million for the same period of 2017.
The increase was mainly attributable to the increase in the market rates for the second quarter of 2018, and partly due to the additions of the 36,887-dwt Monterey Bay (built 2013) and the 36,892-dwt Alsea Bay (built 2011).
The TCE rate for the second quarter of 2018 increased to $9,484 per day as compared to $8,009 per day for the second quarter of 2017, an increase of 18%.
Separately, Pioneer Marine confirmed that it had entered into a $64.4m credit facility with ABN Amro Bank with what it described as “significantly improved terms”.
The facility was used to partially finance the acquisition of the three second-hand vessels and to refinance one of the company’s existing loan facilities.
