Dry bulk shipowner Pioneer Marine has cancelled its last two newbuildings at Yangzhou Guoyu Shipyard.

Pioneer Marine said it had terminated the contract for two 38,400 dwt handysize newbuildings at the Chinese shipyard by mutual agreement.

“Following the termination of the last two newbuildings we have eliminated all capital expenditure for the company,” said Pioneer Marine ceo Pankaj Khanna.

“Our proactive management of this unprecedented low cycle has seen us cancel 10 of the 12 newbuildings ordered in the original programme and demonstrates the complete alignment of management with shareholder’s interests.”

Pioneer Marine was founded in 2013 with an aggressive expansion into the handysize dry bulk, ahead of a forecast upturn in the sector that failed to materialise. The company has a fleet of 14 handysize and one handymax bulker.