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Pioneer Marine to sell fleet and close up shop

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Dry bulk shipowner Pioneer Marine has put its fleet up for sale and then plans to close shop.

The Oslo OTC-listed company said that at special meeting of shareholders last week it was agreed that all vessels of the company be put for sale at an agreed minimum price to be decided by the board of directors.

Following the sale of the fleet it said that the company would be dissolved.

A handysize bulker specialist Pioneer Marine was founded in 2014 raising $75m on the Norwegian OTC market. The decision to sell up comes at a time of resurgence of the dry bulk shipping market.

Pioneer Marine reported a first quarter net profit of $200,000 with a fleet of nine-owned handysize dry bulk vessels built between 2007 and 2013.

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