Pioneer Marine Cancels Drybulk Newbuildings

Pioneer Marine Inc., a shipowner and global drybulk handysize transportation service provider, has terminated the last two newbuilding contracts for Green Dolphin 38,400 dwt Handysize vessels following mutual agreement with Yangzhou Guoyu Shipyard. The instalments paid in relation with these contracts including interest will be paid back by the refund guarantor.

In a release, Pankaj Khanna, CEO of Pioneer, said “Following the termination of the last two newbuildings we have eliminated all capital expenditure for the company. Our proactive management of this unprecedented low cycle has seen us cancel 10 of the 12 newbuildings ordered in the original program and demonstrates the complete alignment of management with shareholder’s interests. We are now well positioned to not only ride out the current cycle but to also take advantage of opportunities as they arise.”