Singapore-based dry bulk shipping company Pioneer Marine has ended the commercial management agreement with Danish charter operator BaltNav A/S.

The company said that the parties mutually agreed to cease their cooperation on an amicable basis on April 18, 2018.

The commercial management of the eight vessels performed by BaltNav will be undertaken gradually by Pioneer Marine and is expected to be completed by June 2018.

Under the cooperation deal, which Pioneer Marine and BaltNav signed in October 2017, a part of Pioneer Marine’s bulk carrier fleet was to be commercially operated by BaltNav.

In early April 2018, Pioneer Marine entered into an agreement with clients of Interorient Navigation Company Limited of Cyprus, to acquire three 37,000 dwt bulk carriers built at Hyundai Mipo Dockyard.

Built in 2011, 2012 and 2013, the ships are scheduled to join the company within June 2018, pushing Pioneer Marine’s fleet to 19 owned units.