Pioneer Marine has cancelled its last two remaining newbuildings in China just days after reporting heavy losses.
It said the deal to walk away from the two 38,400-dwt bulkers follows a “mutual agreement” with Yangzhou Guoyu Shipyard.
Pioneer said the instalments paid in relation with these contracts including interest will be paid back by the refund guarantor.
“Following the termination of the last two newbuildings we have eliminated all capital expenditure for the company,” said chief executive Pankaj Khanna.
The
