Pioneer Marine has acquired fuel-efficient dry bulk provider M.V. Kite Bay from Yangzhou Guoyu Shipbuilding.

The M.V. Kite Bay is a 38,419 DWT Green Dolphin eco-design handysize vessel, which joins the corporate’s working fleet now consisting of 14 handysize vessels and one handymax vessel.

The M.V. Kite Bay’s gas consumption is about 6 tonnes per day decrease than than the non-eco design vessels. The ship will begin a 1-year constitution on a floating price primarily based on the Baltic Supramax Index much less a small low cost. The charterer could lengthen the constitution for as much as one further 12 months.

“Delivery of our second Green Dolphin newbuilding comes at a very challenging time for the drybulk industry as freight rates today are $4,000 per day or below for all vessel sizes, and that is if you can achieve index after including idle time. Pioneer continues to earn a premium over index, but when the index is this low it is of little consolation,” Pioneer Marine Chief Executive Officer Pankaj Khanna stated.

The firm’s Green Dolphin newbuilding sequence not solely are fuel-efficient, however and have options that provides substantial business flexibility similar to hull strengthened to Ice Class 1C, absolutely logs fitted, appropriate for the carriage of assorted harmful cargoes, seize fitted, ABB Octopus system for gas consumption optimization, mass circulate meters on the bunker line and extra.

Further, Mr. Khanna added that the corporate is ready to obtain seven extra newbuildings in subsequent two years. Four new ships will be part of the corporate’s fleet this 12 months, whereas a supply of three ships shall be made in 2017.

“We continue to work with our shipyard to seek possible solutions given the unprecedented market conditions,” Mr. Khanna famous.

Writing by Nadeem (c) gCaptain