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

The Company’s CEO, Pankaj Khanna, further elaborated by stating “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. We are being proactive in creating a long runway for the company and the reduction in our capital expenditure commitments strengthens our balance sheet significantly. The cancellation frees up $34 million of equity commitments and the delay in deliveries, now spread over the next two years, pushes out the capex over an extended period. We have now delayed our newbuilding deliveries by a total of 96 months and also proactively raised $25 million of equity in August.”

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