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Pioneer Marine Inc. announces financial results for 4Q16

Published by
Dry Bulk,

Pioneer Marine has provided the following summary of its operations during the final quarter of 2016.

Recent events

On December 30, 2016, the company signed a Memorandum of Agreement (MoA) with an unaffiliated party for the sale of M/V Azure Bay, a 31 700 DWT 2005 built Handysize vessel. The sale was completed with the delivery of the vessel to her new owners on 3 April, 2017.

In April 2017, the company entered a loan supplemental agreement whereby M/V Azure Bay was released from its obligations under its loan agreement and all its obligations were undertaken by M/V Resolute Bay. Furthermore, the cash collateral amount of US$7.0 million that was held under the loan facility, was released to the company.

In March 2017, under the CIT loan facility, a waiver was secured on the EBITDA to debt service ratio for a period up to June 30, 2018 and minimum asset coverage ratio covenants for a period up to 30 September, 2017. The Company agreed to prepay to the lender the amortisation due for four quarters.

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