Pioneer Marine Receives Second Eco-Friendly ‘Green Dolphin’ Bulk Carrier

MV Kite Bay. Photo: Pioneer Marine
MV Kite Bay. Photo: Pioneer Marine

Pioneer Marine has received fuel-efficient dry bulk carrier 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 company’s operating fleet now consisting of 14 handysize vessels and one handymax vessel.

The M.V. Kite Bay’s fuel consumption is about 6 tonnes per day lower than than the non-eco design vessels. The ship will start a 1-year charter on a floating rate based on the Baltic Supramax Index less a small discount. The charterer may extend the charter for up to one additional year.

“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 said.

The company’s Green Dolphin newbuilding series not only are fuel-efficient, but and have features that offers substantial commercial flexibility such as hull strengthened to Ice Class 1C, fully logs fitted, suitable for the carriage of various dangerous cargoes, grab fitted, ABB Octopus system for fuel consumption optimization, mass flow meters on the bunker line and more.

Further, Mr. Khanna added that the company is set to receive seven more newbuildings in next two years. Four new ships will join the company’s fleet this year, while a delivery of three ships will be made in 2017.

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

Writing by Nadeem (c) gCaptain