Pioneer Marine Inc. private placement

The net proceeds from the Private Placement are expected to be used to fully fund the equity
portion related to the twelve (12) handysize drybulk newbuildings currently under construction by
the Company and for general corporate purposes.

After completion of the Private Placement the Company will have 30,331,547 common shares

Pareto Securities acted as Manager and Sole Bookrunner for the Private Placement.

This press release is not an offer of securities for sale in the United States. The common shares sold
in the Private Placement have not been registered under the United States Securities Act of 1933, as
amended (the “Act”), and may not be offered or sold in the United States absent registration or an
exemption from registration under the Act

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