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Pioneer Marine cancels last two newbuildings

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Dry Bulk,


Pioneer Marine Inc. has announced the termination of the last two newbuilding contracts for Green Dolphin 38 400 DWT handysize vessels.

Pioneer Marine Inc., a leading shipowner and global drybulk handysize transportation service provider, has announced the termination of 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.

The company’s CEO, Pankaj Khanna, stated: “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 ten of the twelve newbuildings ordered in the original programme and demonstrates the complete alignment of management with shareholder’s interests.”

Khanna continued: “We are now well positioned to not only ride out the current cycle but to also take advantage of opportunities as they arise.”

Read the article online at: https://www.drybulkmagazine.com/material-handling/22062016/pioneer-marine-cancels-last-two-newbuildings/

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