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Pioneer Marine CEO to leave

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Dry Bulk,

Pankaj Khanna, currently CEO of Pioneer Marine Inc., a global dry bulk handysize transportation service provider, is leaving the company and will no longer serve as CEO.

Sam Tsui, who has served as CFO of the company since its inception, will serve as Interim CEO, as well as continue to be CFO. In connection with Khanna leaving the company, he will also leave his other roles with other Pioneer Marine companies.

Bradley Dietz, Independent Director, commented: “Pioneer Marine believes it continues to be well-positioned to serve the dry bulk industry, evaluate strategic acquisition opportunities, while benefitting from improving dry bulk market fundamentals. Additionally, the Board thanks Mr Khanna for his service to Pioneer Marine and wishes him continued success in his career.”

The company is working with its lenders to inform them of the change in CEO. This change requires the consent of the company’s lenders, with whom the company believes it has good relationships and will receive the necessary consents on terms not materially adverse to the company.

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