Pioneer Marine executives are stepping in to buy the Greek shipowner after shareholders backed a plan to sell the whole fleet of bulkers at the end of June.
Chief executive Jim Papoulis and chief financial officer Korinna Tapaktsoglou, together with the wider management team, have struck an agreement with the board of directors to proceed with a management buyout.
Following the completion of the transaction, their intention is to take advantage of the current market momentum and expand the fleet, which today consists of 13 handysizes under management.
