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Pioneer Marine cancels three newbuilds, delays othersPioneer Marine cancels three newbuilds, delays others

Relatively new handysize bulker player Pioneer Marine has cancelled three newbuildings and delayed the delivery of eight more.

Marcus Hand, Editor

November 13, 2015

1 Min Read
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Oslo OTC-listed Pioneer said it had cancelled three newbuildings at Yangzhou Guoyu Shipyard. Of the remaining eight vessels on five are scheduled to be delivered by the end of 2016, and the remaining three in 2017 with total delivery delays of 96 months.

“Our newbuilding program continues to represent a strategic partnership between Pioneer and Yangzhou Guoyu Shipyard. We are grateful for their support through the current unprecedented downturn in the dry bulk market,” said Pankaj Khanna ceo of Pioneer Marine.

“The cancellation frees up $34m of equity commitments and the delay in deliveries, now spread over the next two years, pushes out the capex over an extended period.”

About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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