Pioneer Marine ended last year on a high with its fourth-quarter net profit double that of a year ago.
The Torben Janholt-led shipowner reported net income of $5.1m against $2.5m for the same period 12 months earlier.
Improving market
Time charter equivalent (TCE) earnings were $10,090 per day, a 7.7% year-on-year increase due to improved market rates.
“The end of the fourth quarter of 2018 marks a very successful year for Pioneer Marine,” chief executive Torben Janholt told investors.
“During the year we have enjoyed good commercial relations with our charterers and we were able to build new valuable contacts.
“Our strategy to cover more than half of our fleet during the fourth quarter at an average TC equivalent rate of $10,100 per day reaching into the second quarter of 2019, is successful and ensures a steady cash flow in early 2019 where the market has proven weak.”
Separately, Pioneer confirmed that it had agreed to sell the 46,232-dwt Paradise Bay (built 2003) at what it described as "an attractive price".
The ship, the oldest in its fleet, is due to be delivered to its new owners in April. The sale was agreed as part of the company’s fleet renewal strategy.
