MAJURO, Marshall Islands, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Pioneer Marine Inc. and its subsidiaries (OSLO-OTC: PNRM) ("Pioneer Marine," or the "Company") a leading shipowner and global drybulk handysize transportation service provider announced its financial and operating results for the quarter ended September 30, 2020.
Financial Highlights at a glance:
| Third Quarter | Third Quarter | |||
| 2020 | 2019 | |||
| Net (loss) / income | ($2.1) million | $3.0 million | ||
| Adjusted Net (loss) / income | ($0.8) million | $3.0 million | ||
| Time Charter equivalent (“TCE”) revenue | $9.1 million | $14.7 million | ||
| Adjusted EBITDA* | $2.0 million | $6.7 million | ||
Jim Papoulis, Chief Executive Officer commented: “There was extensive uncertainty relating to COVID-19 during the third quarter with the second massive wave significantly affecting businesses, countries, and people worldwide. Despite the ongoing difficulties created by the pandemic, we have made remarkable progress in reducing our operating expenses as well as our debt service costs, and we have significantly enhanced our liquidity. On October 23, 2020 Pioneer successfully completed the sale of the M/V Fortune Bay boosting Company’s liquidity by $2.9 million in free cash.
“While we’re still facing challenges, it’s important to remember the good work and innovation across our company. This is imperative for our future. I am thankful for the dedication and professionalism of our employees, both onshore and offshore and I would like to thank them for their amazing efforts put in during this challenging time. The shipping sector has always proven to be resilient — and so has Pioneer.
“Pioneer remains focused on adapting to this ever-changing environment by delivering the best possible results taking advantage of the Company’s solid fundamentals. We have reported a positive EBITDA of $2.0 million for the third quarter of 2020 and $5.2 million for the nine months ended September 30, 2020.
Looking ahead, we are confident that the COVID-19 economic stimulus relief, will contribute towards what we believe will be a sustainably healthy market for one of the most vital supply chain elements. Pioneer is well positioned to capture the upturn in TC rates, aiming to cover part of the fleet to period time charter contracts securing healthy cash flow for the near future. In addition, we will continue to pursue opportunities that will serve our strategic targets of sustainable growth.”
*For reconciliation and definition of EBITDA/Adjusted EBITDA refer to “Summary of Operating Data (unaudited)” section within this press release
COVID-19 Outbreak:
On March 11, 2020, the World Health Organization declared the outbreak of 2019 Novel Coronavirus (the “COVID-19”) a pandemic. Many countries, ports and organizations, including those where Pioneer conducts a large part of its operations, have implemented restrictive measures such as quarantine and travel limitations to combat the outbreak.
Pioneer having as a primary concern the safety and wellbeing of our employees ashore and onboard the vessels whilst at the same time serving our clients’ needs, has taken and continues to take precautionary measures well in advance. Being that globally we are now facing the second massive wave of the pandemic, and the international response continues to develop, we constantly monitor the changing situation and take actions to address and mitigate, to the extent possible, the impact of COVID-19 to our Company’s financial position. Such actions include among other cost rationalisation projects, continued efforts to optimise our efficiencies and revenue earning capacity, building effective response strategies.
We aim to provide a safe work environment for the office employees and encourage all meetings be held virtually rather than physically as well as take advantage of the stablished “Work from Home” policy which has proved to be both efficient and effective way of conducting business through enhanced digital means. Furthermore, we worked hard during the summer months to complete the majority of crew changes for our fleet vessels and relief timely our seafarers on board in anticipation of the impending tough winter.
As always, we remain in close cooperation with our Business Partners in order to ensure smooth operation of the Company.
Recent Events:
On October 23, 2020 the M/V Fortune Bay was delivered to her new owners pursuant to a Memorandum of Agreement (“MOA”) dated September 14, 2020. Following the sale of the M/V Fortune Bay and the repayment of the respective outstanding loan balance, Company’s liquidity is positively impacted by the amount of $2.9 million.
Liquidity & Capital Resources:
As of September 30, 2020, the Company had a total liquidity of $21.8 million including $9.4 million in restricted cash.
Financial Review: Three months ended September 30, 2020
The reported results for the three-month period ended September 30, 2020 amount to $2.1 million net loss as compared to $3.0 million net income for the respective previous year period. The decrease is attributable to the poor performance of the dry bulk market during the unprecedented COVID-19 pandemic outbreak. However, net loss for the third quarter of 2020 was also affected by the non – cash impairment charge of $0.7 million relating to M/V Fortune Bay as well as the loss resulting from the disposal of M/V Falcon Bay of $0.6 million, excluding these one off charges the net loss for the third quarter of 2020 amounts to $0.8 million.
Adjusted EBITDA totalled $2.0 million for the third quarter 2020, decreased by $4.7 million as compared to the third quarter of 2019 mainly due to weak conditions prevailing as described above. Consequently, the TCE rate of $6,611 for the third quarter of 2020 is decreased by 26% compared to TCE rate of the same period in 2019.
OPEX per day were increased to $4,469 per day for the three months ended September 30, 2020 compared to $4,242 during the same period in 2019. The upward variation is mainly attributable to the higher costs for crew changes occurred in this quarter as a result of COVID-19 restrictions and additional requirements.
General and administrative expenses are reduced by $0.1 million for the three months ended September 30, 2020 or 11.3% as compared to the comparative prior year period. While the G&A per day basis commercial days is further reduced by 11% to $429 per day.
Loss on vessel disposal for the third quarter of 2020 amounted to $0.6 million and relates to the sale of the M/V Falcon Bay, which was completed on August 13, 2020. There was no sale of any vessel in the same period of 2019.
Vessel impairment loss for the third quarter of 2020 amounted to $0.7 million. It relates to the write down of the carrying value of M/V Fortune Bay to its fair value following the impairment exercise performed triggered by the executed contract for the disposal of the vessel. There was no impairment charge for the same period in 2019.
Depreciation cost amounts to $1.9 million and is impacted downwards due to fleet reduction as Pioneer fleet consists of 15 vessels, while in the same period in 2019 the Company owned 18 vessels.
Interest and finance cost of $0.8 million was decreased by 40.1% positively affected from the reduced debt levels and the significantly reduced Libor rates.
Financial Review: Nine months ended September 30, 2020
Company reported a Net Loss of $9.6 million for the nine-month period ended September 30, 2020 as compared to $6.7 million net income for the respective period during 2019.
However, net loss for the nine month period ended was also affected by the non – cash impairment loss of $6.0 million relating to both M/V Falcon Bay and M/V Fortune Bay, the loss resulting from the disposal of M/V Calm Bay and M/V Falcon Bay of $0.7 million and the loss from devaluation of bunkers inventory of $0.3 million partially offset with the gain resulting from the contract termination of M/V Fortune Bay of $1.0 million. Excluding these non-cash items and one-off charges, the net loss for the third quarter of 2020 amounts to $3.7 million.
The current COVID-19 pandemic has had a global impact with negative results among almost all sectors of economic activity. The shipping industry is unavoidably affected by this unprecedent financial environment, however despite the current weak market conditions, the Company managed to achieve a TCE rate per day well above market indices at $6,124 while maintaining a high utilisation rate at 98.1%.
Adjusted EBITDA totalled $5.2 million for the nine-month period ended September 30, 2020, decreased by $10.0 million as compared to nine-month period ended September 30, 2019.
The continuous cost reducing initiatives and optimisation of cost control procedures developed by the Company achieved a healthy OPEX rate of $4,259 per day, largely-in line with the $4,281 incurred during relative period in 2019 despite the increased crew change cost as a result of the travel restrictions and additional quarantine requirements.
General and administrative expenses are reduced by $0.1 million for the nine-month ended September 30, 2020 compared to the respective period in 2019. While G&A per day basis commercial days of $410 per day for the nine-month period of 2020 are 9% lower compared to the same period of 2019.
Loss on vessel disposal for the third quarter of 2020 amounted to $0.7 million and relates to the sale of the M/V Calm Bay and the M/V Falcon Bay, which was completed on January 17, 2020 and August 13, 2020, respectively. The comparative gain of $3.9 million in the nine months ended 2020 relate to the sale of M/V Paradise Bay and M/V Tenacity Bay.
Vessel impairment charge for the nine-month period ended September 30, 2020 amounted to $6.0 million. It relates to the write down of the carrying value of M/V Falcon Bay and M/V Fortune Bay to their fair values following the impairment exercise performed pursuant to the agreements entered from their disposal. There was no impairment charge in the same period in 2019.
Gain on contract termination of $1.0 million for the nine-month period ended September 30, 2020 relates to the amount received following the termination agreement for the cancellation of the sale of M/V Fortune Bay with an unaffiliated third party.
Depreciation cost amounts to $6.1 million and was impacted downwards due to fleet reduction from 18 vessels in the nine-month period of 2019 to 16 vessels in the same period in 2020.
Interest and finance cost decreased by 38.7% when compared to the same period in 2019, from $4.4 million to $2.7 million, positively affected from lower Libor rates and reduced loan balances.
Cash Flow Review: Nine months ended September 30, 2020
Cash and cash equivalent, including restricted cash decreased by $5.5 million as at September 30, 2020 and amounted to $21.8 million as compared to $27.3 million as at December 31, 2019.
The decrease is attributable to $28.2 million cash used in financing activities partially offset with $1.6 million cash provided by operating activities and $21.1 million cash provided by investing activities.
Cash flow activities highlights during the nine-month period include:
- $20.2 cash inflow from vessels disposal completed within nine-month period
- $20.6 million scheduled loan repayments and prepayments due to vessels sales, and
- $7.6 million dividend distribution
Current Fleet List
Owned Fleet
| Vessel | Yard | DWT | Year Built | ||
| Handysize | |||||
| Reunion Bay | Kanda Shipbuilding | 32,354 | 2006 | ||
| Ha Long Bay | Kanda Kawajiri | 32,311 | 2007 | ||
| Teal Bay | Kanda Kawajiri | 32,327 | 2007 | ||
| Eden Bay | Shimanami Shipyard | 28,342 | 2008 | ||
| Emerald Bay | Kanda Shipbuilding | 32,258 | 2008 | ||
| Mykonos Bay | Jinse Shipbuilding | 32,411 | 2009 | ||
| Resolute Bay | Hyundai Vinashin | 36,767 | 2012 | ||
| Jupiter Bay | Tsuji Heavy Industries | 30,153 | 2012 | ||
| Venus Bay | Tsuji Heavy Industries | 30,003 | 2012 | ||
| Orion Bay | Tsuji Heavy Industries | 30,009 | 2012 | ||
| Kite Bay | Yangzhou Guoyu Shipbuilding | 38,419 | 2016 | ||
| Alsea Bay | Hyundai Mipo Dockyard Co. Ltd | 36,892 | 2011 | ||
| Liberty Bay | Hyundai Mipo Dockyard Co. Ltd | 36,892 | 2012 | ||
| Monterey Bay | Hyundai Mipo Dockyard Co. Ltd | 36,887 | 2013 | ||
Commercially Managed Fleet
| Handysize | |||
| Handy 1 | Samjin Shipbuilding Industries Co Ltd | 33,755 | 2011 |
| Handy 2 | Samjin Shipbuilding Industries Co Ltd | 33,755 | 2010 |
| Handy 3 | Samjin Shipbuilding Industries Co Ltd | 33,755 | 2010 |
| Handy 4 | Samjin Shipbuilding Industries Co Ltd | 33,755 | 2010 |
Summary of Operating Data (unaudited)
| Three Months | Three Months | Nine Months | Nine Months | |||||||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||
| Revenue, net | 10,045 | 15,918 | 30,045 | 45,019 | ||||||||||||||||
| Voyage expenses | (902 | ) | (1,211 | ) | (3,893 | ) | (5,689 | ) | ||||||||||||
| Time charter equivalent revenue | 9,143 | 14,707 | 26,152 | 39,330 | ||||||||||||||||
| Commercial revenue fee | 118 | 51 | 327 | 93 | ||||||||||||||||
| Total | 9,261 | 14,758 | 26,479 | 39,423 | ||||||||||||||||
| Vessel operating expense | (6,359 | ) | (7,022 | ) | (18,533 | ) | (21,464 | ) | ||||||||||||
| Drydock expense | - | (21 | ) | (28 | ) | (1,010 | ) | |||||||||||||
| Depreciation expense | (1,924 | ) | (2,346 | ) | (6,090 | ) | (7,084 | ) | ||||||||||||
| General and administration expense | (834 | ) | (940 | ) | (2,457 | ) | (2,541 | ) | ||||||||||||
| Gain on contract termination | - | - | 1,000 | - | ||||||||||||||||
| (Loss) / Gain on vessels disposal | (632 | ) | - | (706 | ) | 3,851 | ||||||||||||||
| Impairment charge | (700 | ) | - | (5,980 | ) | - | ||||||||||||||
| Write off of inventory | - | - | (257 | ) | - | |||||||||||||||
| Interest expense and finance cost | (802 | ) | (1,339 | ) | (2,664 | ) | (4,345 | ) | ||||||||||||
| Interest income | - | 95 | 40 | 270 | ||||||||||||||||
| Other expenses and taxes, net | (148 | ) | (171 | ) | (417 | ) | (425 | ) | ||||||||||||
| Net (loss) / Income | (2,138 | ) | 3,014 | (9,613 | ) | 6,675 | ||||||||||||||
| Add / Less: Loss/ (Gain) on vessels disposal | 632 | - | 706 | (3,851 | ) | |||||||||||||||
| Add: Write off of inventory | - | - | 257 | - | ||||||||||||||||
| Add: Impairment loss | 700 | - | 5,980 | - | ||||||||||||||||
| Less: Gain on contract termination | - | - | (1,000 | ) | - | |||||||||||||||
| Adjusted net (loss)/ income (2) | (806 | ) | 3,014 | (3,670 | ) | 2,824 | ||||||||||||||
| Net (loss)/income per share, basic and diluted | (0.08 | ) | 0.12 | (0.38 | ) | 0.26 | ||||||||||||||
| Adjusted net (loss)/income per share, basic and diluted (2) | (0.03 | ) | 0.12 | (0.15 | ) | 0.11 | ||||||||||||||
| Three Months | Three Months | Nine Months | Nine Months | |||||||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||
| Net (loss) / Income | (2,138 | ) | 3,014 | (9,613 | ) | 6,675 | ||||||||||||||
| Add: Depreciation expense | 1,924 | 2,346 | 6,090 | 7,084 | ||||||||||||||||
| Add: Interest expense and finance cost, net | 802 | 1,339 | 2,664 | 4,345 | ||||||||||||||||
| Add: Other taxes | 61 | 50 | 140 | 193 | ||||||||||||||||
| Less: Interest income | - | (95 | ) | (40 | ) | (270 | ) | |||||||||||||
| EBITDA (1) | 649 | 6,654 | (759 | ) | 18,027 | |||||||||||||||
| Add / Less: Loss / (Gain) on vessels disposal | 632 | - | 706 | (3,851 | ) | |||||||||||||||
| Add: Drydock expense | - | 21 | 28 | 1,010 | ||||||||||||||||
| Add: Write off of inventory | - | - | 257 | - | ||||||||||||||||
| Add: Impairment loss | 700 | - | 5,980 | - | ||||||||||||||||
| Less: Gain on contract termination | - | - | (1,000 | ) | - | |||||||||||||||
| Adjusted EBITDA (1) | 1,981 | 6,675 | 5,212 | 15,186 | ||||||||||||||||
(1) Adjusted EBITDA represents net income before interest, other taxes, depreciation and amortization, drydock expense, gain on vessel disposal, loss on debt extinguishment and is used as a supplemental financial measure by management to assess our financial and operating performance. We believe that Adjusted EBITDA assists our management and investors by increasing the comparability of our performance from period to period. We believe that including Adjusted EBITDA as a financial and operating measure benefits investor in selecting between investing in us and other investment alternatives. Adjusted EBITDA does not represent and should not be considered as an alternative to net income/(loss) or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of Adjusted EBITDA may not be comparable to that reported by other companies.
(2) Adjusted net income/(loss) and related per share amounts is not a measure prepared in accordance with U.S. GAAP and should not be used in isolation or substitution of Company’s results.
| Three Months | Three Months | Nine Months | Nine Months | |||||
| Ended | Ended | Ended | Ended | |||||
| September 30, | September 30, | September 30, | September 30, | |||||
| Vessel Utilization: | 2020 | 2019 | 2020 | 2019 | ||||
| Ship days (2) | 1,423 | 1,656 | 4,352 | 5,014 | ||||
| Less: Off-hire days | 40 | 3 | 81 | 19 | ||||
| Less: Off-hire days due to drydock | - | - | - | 41 | ||||
| Operating days (3) | 1,383 | 1,653 | 4,271 | 4,954 | ||||
| Fleet Utilization (4) | 97 | % | 100 | % | 98 | % | 99 | % |
| Commercial Ship days (8) | 1,945 | 1,922 | 5,987 | 5,642 | ||||
| TCE per day- $ (1) | 6,611 | 8,900 | 6,123 | 7,940 | ||||
| Opex per day- $ (6) | 4,469 | 4,242 | 4,258 | 4,281 | ||||
| G&A expenses per day- $ (7) | 586 | 557 | 565 | 503 | ||||
| G&A expenses basis commercial days- $ (9) | 429 | 480 | 410 | 447 | ||||
| Vessels at period end | 15 | 18 | 15 | 18 | ||||
| Average number of vessels during the period (5) | 15 | 18 | 16 | 18 | ||||
(1) Time Charter Equivalent, or TCE revenue, are non-GAAP measures. Our method of computing TCE revenue is determined by voyage revenues less voyage expenses (including bunkers and port charges). Such TCE revenue, divided by the number of our operating days during the period, is TCE per day, which is consistent with industry practice. TCE revenue is included because it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance irrespective of changes in the mix of charter types (i.e., spot charters and time charters), and it provides useful information to investors and management.
(2) Ship days: We define ship days as the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ship days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period.
(3) Operating days: We define operating days as the number of our ship days in a period less days required to prepare vessels acquired for their initial voyage and off-hire days associated with off-hire for undergoing repairs, drydocks or special surveys. The Company uses operating days to measure the number of days in a relevant period during which vessels should be capable of generating revenues.
(4) Fleet utilization is defined as the ratio of operating days to ship days.
(5) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of ship days divided by the number of calendar days in that period.
(6) Opex per day: is calculated by dividing vessel operating expenses by ship days for the relevant time period.
(7) G&A expenses per day: is calculated by dividing general and administrative expenses by ship days for the relevant time period.
(8) Commercial Ship days: We define commercial ship days as the total of Ship days and the aggregate number of days during the period for which we have each vessel in our commercial fleet under our management. Commercial ship days are an indicator of the size of our owned and managed fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period.
(9) G&A expenses basis commercial days: is calculated by dividing running general and administrative expenses by commercial ship days for the relevant time period.
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands of U.S. Dollars)
| As at | September 30, 2020 | December 31, 2019 | ||
| ASSETS | ||||
| Cash & cash equivalents | 12,402 | 16,362 | ||
| Restricted cash (current and noncurrent) | 9,373 | 10,957 | ||
| Vessels held for sale | - | 7,350 | ||
| Vessels, net | 149,277 | 174,635 | ||
| Other receivables | 6,214 | 7,425 | ||
| Other assets | 39 | 103 | ||
| Total assets | 177,305 | 216,832 | ||
| LIABILITIES AND EQUITY | ||||
| Accounts payable and accrued liabilities | 3,421 | 5,014 | ||
| Other current liabilities | 203 | - | ||
| Deferred revenue | 504 | 1,144 | ||
| Total debt, net of deferred finance costs | 64,528 | 84,773 | ||
| Total liabilities | 68,656 | 90,931 | ||
| Shareholders' equity | 108,649 | 125,901 | ||
| Total liabilities and shareholders’ equity | 177,305 | 216,832 |
Condensed Consolidated Statement of Cash Flows (Unaudited)
(In thousands of U.S. Dollars)
| Nine months Ended | Nine months Ended | |||
| September 30, 2020 | September 30, 2019 | |||
| Cash flows from operating activities | ||||
| Net (loss) / Income | (9,613 | ) | 6,675 | |
| Adjustments to reconcile net (loss)/ income to net cash provided by | ||||
| operating activities: | ||||
| Depreciation | 6,090 | 7,084 | ||
| Amortization of deferred finance fees | 387 | 251 | ||
| Write off of inventory | 257 | - | ||
| Impairment charge | 5,980 | - | ||
| Gain on contract termination | (1,000 | ) | - | |
| Loss / (Gain) on vessels disposal | 706 | (3,851 | ) | |
| Staff Leaving indemnities provision | 25 | - | ||
| Changes in operating assets and liabilities | (1,197 | ) | 1,463 | |
| Net cash provided by operating activities | 1,635 | 11,622 | ||
| Cash flows from investing activities | ||||
| Payments for vessel acquisitions & improvements | (124 | ) | (205 | ) |
| Net proceeds from vessel sale | 20,211 | 9,659 | ||
| Cash received on contract termination | 1,000 | - | ||
| Purchase of other fixed assets | (11 | ) | (69 | ) |
| Net cash provided by investing activities | 21,076 | 9,385 | ||
| Cash flows from financing activities | ||||
| Payment of debt extinguishment fees | - | (21 | ) | |
| Loan repayments & prepayments | (20,582 | ) | (14,175 | ) |
| Payment of deferred finance fees and other loan related fees | (33 | ) | (160 | ) |
| Dividends paid | (7,639 | ) | - | |
| Repurchase of common stock | - | (2,609 | ) | |
| Net cash used in financing activities | (28,254 | ) | (16,965 | ) |
| Net (decrease) / increase in cash and cash equivalents | (5,543 | ) | 4,042 | |
| Cash and cash equivalents and Restricted cash at the beginning of the period | 27,318 | 26,795 | ||
| Cash and cash equivalents and Restricted cash at period end | 21,775 | 30,837 |
About Pioneer Marine Inc.
Pioneer Marine is a leading ship owner and global drybulk handysize transportation service provider. Pioneer Marine currently owns fourteen Handysize carriers and is commercial manager of four Handysize vessels.
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk vessel capacity, changes in our operating expenses, including bunker prices, drydock and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors.
Contact:
Pioneer Marine Inc.
Jim Papoulis - CEO
+30 212222 3750
Korinna Tapaktsoglou - CFO
+30 212222 3750
Investor Relations / Media
Capital Link, Inc.
Kevin Karlis
+212 661 7566
pioneermarine@capitallink.com