Pioneer Marine, the handysize bulker specialist, has expanded its operating platform in a tie-up with Cyprus shipowner Interorient Navigation.
The Torben Janholt-led owner said it would undertake the commercial management of one of Interorient’s dry bulk vessels.
Pioneer Marine provided few other details about the arrangement, which is the second transaction between the two companies this year.
In May 2018, Interorient sold three modern handysize bulkers to Pioneer Marine in a deal reported to be worth $41m.
The ships involved were the 36,000-dwt Orient Dispatch (built 2013), Orient Delivery (built 2012) and Orient Defender (built 2011).
The Hyundai Mipo Dockyard-constructed ships have since been renamed Monterey Bay, Liberty Bay and Alsea Bay respectively.
News of the commercial management deal came as Pioneer Marine posted a third-quarter net loss of $600,000 versus the $800,000 loss seen a year ago.
However, it marked a reversal of the $1.1m profit seen in the second quarter of 2018.
Time charter equivalent (TCE) revenue for the three-month period increased by $4.1m, or 38%, to $15m.
Pioneer Marine attributed the increase to improved market rates and partially to the addition of three newly acquired handysize vessels.
The TCE rate for the third quarter of 2018 increased to $9,008 per day as compared to $7,498 per day for the same period in 2017, an increase of 20%.
During the quarter, Pioneer Marine entered into a $29.3m credit facility with DVB Bank at what is described as "significantly improved terms" for the company.
The facility was used to refinance two of the company’s existing loan facilities.
“We are pleased with our results during the third quarter which have seen an important increase in our TCE earnings of about 20% as compared to the same prior year period," said Janholt.
“Along with our positive results and the successful completion of the refinancing of our major loan facilities with ABN Amro and DVB Bank, we are well prepared for new opportunities."
