On January 7, 2016, Pioneer Marine accepted delivery of a 38,464 DWT Green Dolphin eco-design handysize vessel, the M.V. Kite Bay. The vessel commenced a one year charter based on index linked rate. The charterer may extend the charter for up to one additional year.
During the fourth quarter, Pioneer Marine drew down on a $12 million facility with ABN AMRO Bank, N.V, Deutsche Bank AG and Norddeutche Landesbank to provide post-delivery financing of the M.V. Kite Bay with insurance cover provided from China Export & Credit Insurance Corporation (‘’Sinosure’’).