Dry bulk might have had its most solid start to the year in more than a decade, but one Greek owner has decided to cash in its chips.

Oslo OTC-listed Pioneer Marine has decided to cash out of shipping, putting its entire handy fleet up sale, after which the company will be dissolved.

Pioneer Marine was founded seven years ago. Its fleet of 11 handy bulkers has an average age of 10 years, worth a combined $148.36m according to data from VesselsValue.