Greece’s Pioneer Marine has returned to profit and is ready for growth after a “transformative” year.

The bulker management operation completed a fleet sale and management buyout in 2021 that saw founding US private equity fund Garrison Investment Group exit the company.

The manager of 13 ships, listed on Oslo’s over-the-counter market, is now owned by chief executive Jim Papoulis and chief financial officer Korinna Tapaktsoglou.