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

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.”