Pioneer Marine has reported a much reduced first quarter loss versus a year ago helped by an expanded fleet and stronger freight rates.
The Pankaj Khanna-led bulker owner lost $4.9m for the first three months of 2017 against losses of $13.9m seen twelve months earlier.
It was buoyed by a 72% jump in revenue to $10.8m, partially offset by higher vessel operating, dry-docking and depreciation costs.
