Pioneer Marine Inc. terminates five newbuilding contracts and delays the delivery schedule of remaining vessels

Termination of five (5) 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.

Delays in the current delivery schedule with one (1) vessel now scheduled to be delivered in Q3 2016 and the last vessel in the newbuilding program to be delivered in Q1 2017.

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