World News
Pioneer Marine Cancels Eco-Ship Orders
Pioneer Marine Inc. (Pioneer Marine) has announced that, through mutual agreement, it has cancelled the construction of its last two newbuilding eco-design Green Dolphin 38,400 DWT Handysize bulkers from China's Yangzhou Guoyu Shipbuilding Co., Ltd. (Yangzhou Guoyu),
"Following the termination of the last two newbuildings we have eliminated all capital expenditure for the Company. Our proactive management of this unprecedented low cycle has seen us cancel 10 of the 12 newbuildings ordered in the original program and demonstrates the complete alignment of management with shareholder's interests," explained Pioneer Marine's CEO, Pankaj Khanna.
"We are now well positioned to not only ride out the current cycle but to also take advantage of opportunities as they arise."
As Ship & Bunker previously reported, Pioneer Marine said in January that it was working with the shipyard "to seek possible solutions given the unprecedented market conditions."
Pioneer is says it currently owns 14 Handysize drybulk carriers, as well as one Handymax drybulk carrier.
Last week, Ship & Bunker reported that Containerships Ltd Oy (Containerships) cited "domestic problems" as the reason for the company's decision to switch construction of it six new liquefied natural gas (LNG)-powered box ships from Yangzhou Guoyu to another shipyard.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 8.50 | 779.00 | 29.50 |
| Rotterdam | 608.00 | 11.00 | 764.50 | 24.50 |
| Houston | 636.50 | 8.00 | 807.50 | 5.00 |
| Fujairah | 649.50 | 4.00 | 888.50 | 11.50 |
| Global 20 Ports Average | 665.50 | 6.50 | 870.50 | 14.50 |
| Global 4 Ports Average | 635.50 | 3.50 | 810.00 | 17.50 |
| Global Average Bunker Price | 725.00 | 2.50 | 925.50 | 8.00 |
Popular Now More
-
Apr 18Singapore's authorities are in the process of developing a regulatory framework for a methanol bunkering licence, and plan to call for applications for the licence by the end of this year. -
Apr 16The firm will acquire majority ownership of the Spanish firm for an undisclosed sum, subject to closing conditions and regulatory approvals. -
Apr 15The Athens branch manager of global marine fuel supplier and trading firm Monjasa has stepped down from his role at the company.