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.