Pioneer Marine announces Q1 2016 results
Pioneer Marine Inc. and its subsidiaries a leading shipowner and global drybulk handysize transportation service provider announced its financial and operating results for the first quarter ended March 31, 2016.
For the first quarter of 2016 Pioneer Marine reported a net loss of $13.9 million, or $0.46 basic and diluted per share which includes charges amounting to $8.7 million as a result of the termination of five newbuild ing contracts. Excluding these charges, Pioneer Marine’s adjusted net loss for the first quarter of 2016 is $5.3 million or $0.17 per share basic and diluted.
As of March 31, 2016 , Pioneer Marine had cash and cash equivalents of $43.8 million and restricted cash of $12.5 million. Pioneer Marine’s commitments on its newbuilding program amount to $30.1 million which will be funded from committed loan facilities available on delivery of the newbuildings and from existing cash and cash equivalents.
Within Q2 2016 the Company received an amount of $44.4 million re presenting all instalments paid for the construction of the eight cancelled newbuildings and the interest as per newbuilding contract termination agreement.
About Pioneer Marine Inc.
Pioneer Marine is a leading ship owner and global drybulk handysize transportation service provider. Pioneer Marine currently owns fourteen Handysize and one Handymax drybulk carriers with an additional two Handysize newbuildings on order for delivery through 2016 and 2017. The Handysize Green Dolphins newbuildings are ‘Eco’ vessels designed by SDARI.
