Pankaj Khanna News

The cost of chartering a supertanker to load Middle Eastern crude oil for Asia has rebounded from a 19-month low in September, but industry sources expect output supply cuts, led by Saudi Arabia, to cap freight rates for the rest of the year.The world's benchmark very large crude carrier (VLCC) export route from the Middle East Gulf (MEG) to Japan, known as TD3, rose to W50.46 on Monday in the Worldscale measure of freight rates, LSEG data showed. It fell to W35.60 in September…

DryShips, the Nasdaq-listed company controlled by Greek shipowner George Economou, has completed the acquisition of 100% of the issued and outstanding shares of Heidmar, a global tanker pool operator.The diversified owner and operator of ocean going cargo vessels said in a press release that prior to the transaction, it indirectly owned approximately 49.8% of Heidmar.As part of the transaction, DryShips acquired the remaining approximately 50.2% of Heidmar currently held by other unaffiliated entities, for an aggregate consideration of approximately $17 million. The transaction was approved by the independent directors of the Company.

The international contractor of offshore deepwater drilling services Ocean Rig UDW  has entered into a new drilling contract with Chariot Oil & Gas Limited for a one-well drilling program, for drilling offshore Namibia.The contract is expected to commence in direct continuation of the previously announced program with Tullow Namibia Limited in the third quarter of 2018 and will be performed by the Ocean Rig Poseidon.Ocean Rig has entered into a Letter of Intent (LOI) with a European Major Oil Company for a firm two-wells program plus two optional wells, for drilling offshore West Africa.The contract is expected to commence in direct continuation of the program with Chariot Oil & Gas Limited in the fourth quarter of 2018 and will be performed by the Ocean Rig Poseidon…

International offshore drilling contractor Ocean Rig UDW Inc. and South Korean yard Samsung Heavy Industries (SHI) have agreed to postpone the delivery of the newbuild drillship Ocean Rig Crete to September 2020. "Our subsidiary, that is party to the shipbuilding contract for the construction of its 8th generation enhanced integrated design newbuilding drillship, the Ocean Rig Crete, reached an agreement with SHI to postpone the delivery of the Ocean Rig Crete to September 2020," said a press release from the company. Under the agreement reached with SHI the expected delivery date will be September 30, 2020 but may be brought forward at the option of the Company.

Ocean Rig UDW, an international contractor of offshore deepwater drilling services, today announced that it has signed a new drilling contract with Tullow Namibia, for a one-well drilling program plus options for drilling offshore West Africa. The contract is expected to commence in the third quarter of 2018 and to be performed by the Ocean Rig Poseidon. Pankaj Khanna, President and Chief Executive Officer of the Company, said: "We are pleased to announce additional work for the Ocean Rig Poseidon. Ocean Rig is an international offshore drilling contractor providing oilfield services for offshore oil and gas exploration, development and production drilling, and specializing in the ultra-deepwater and harsh-environment segment of the offshore drilling industry.

Pankaj Khanna has been appointed as President and Chief Executive Officer of Ocean Rig UDW, a global provider of offshore deepwater drilling services,  effective January 1, 2018. Khanna is 47 years old with 29 years of varied experience in the maritime & offshore industry. He last served as Chief Executive Officer of Pioneer Marine Inc, a drybulk company that he founded in 2013. Prior to his position at Pioneer Marine Inc Khanna served as Chief Marketing Officer at Ocean Rig UDW Inc. from January 1, 2012 to October 2, 2012. Mr. Khanna served as the Chief Operating Officer of DryShips, Inc. from March 2009 to October 2, 2012. Prior to joining DryShips, he served in C-Suite roles at Excel Maritime Carriers Ltd and Alba Maritime Services S.A.

Pioneer Marine Inc., a shipowner and global drybulk handysize transportation service provider, has terminated the last two newbuilding contracts for Green Dolphin 38,400 dwt Handysize vessels following mutual agreement with Yangzhou Guoyu Shipyard. The instalments paid in relation with these contracts including interest will be paid back by the refund guarantor. In a release, Pankaj Khanna, CEO of Pioneer, said “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.

Pioneer Marine Inc. and its subsidiaries (OSLO-OTC: PNRM) ("Pioneer Marine," or the "Company") a leading shipowner and global drybulk handysize transportation service provider announced its financial and operating results for the first quarter ended March 31, 2016. For the first quarter of 2016 the Company reported a net loss of $13.9 million, or $0.46 basic and diluted per share which includes charges amounting to $8.7 million as a result of the termination of five newbuilding contracts (“newbuilding contract termination agreement”). Excluding these charges, the Company’s adjusted net loss for the first quarter of 2016 is $5.3 million or $0.17 per share basic and diluted. As of March 31, 2016, the Company had cash and cash equivalents of $43.8 million and restricted cash of $12.5 million.

Singapore-based bulker player Pioneer Marine has terminated five handysize newbuild contracts at Yangzhou Guoyu Shipyard. The leading shipowner and global drybulk handysize transportation service provider announced the following developments regarding its newbuilding program: "Termination of five newbuilding contracts for Green Dolphin 38,400 dwt Handysize vessels following mutual agreement with Yangzhou Guoyu Shipyard. The Company's CEO, Pankaj Khanna, further elaborated by stating, "The unprecedented downturn in drybulk freight rates has prompted us to cancel another five of our newbuilding contracts at Guoyu Shipyard. Pankaj added: "The cancellation frees up $30 million in cash immediately, to add to our existing cash balance of $57 million as of the end of February 2016.

Singapore-based dry bulk operator Pioneer Marine posted a loss of $80.6m for the fourth quarter, and a yearly loss of $96.9m for 2015. Excluding the effect of the impairment loss, net loss as adjusted would have been $22.5 million for the year ended December 31, 2015 or $0.87 adjusted loss per share basic and diluted and $6.2 million for the fourth quarter of 2015 or $0.21 adjusted loss per share basic and diluted. Pankaj Khanna, Chief Executive Officer, commented, “2015 proved to be a challenging year for the drybulk industry with excess supply overwhelming anaemic demand growth, particularly in the fourth quarter. Iron ore and coal imports into China suffered the most as iron ore imports grew by just 2% compared to 2014 and coal imports declined by almost 30%.

Pioneer Marine Inc., today accepted delivery of a 38,419 DWT Green Dolphin eco-design handysize vessel, the M.V. Kite Bay. The new vessel, which was constructed at Yangzhou Guoyu Shipbuilding Co., Ltd, is Pioneer’s second Green Dolphin eco-design handysize vessel. The ship’s fuel consumption is about 6 tonnes per day lower than the non-eco design vessels. In addition to eco-friendly efficiencies, Pioneer’s Green Dolphin newbuilding series are equipped with features which offer substantial commercial flexibility such as hull strengthened to Ice Class 1C, fully logs fitted, suitable for the carriage of various dangerous cargoes, grab fitted, ABB Octopus system for fuel consumption optimization, mass flow meters on the bunker line and more.

Singapore-based Pioneer Marine reported a $5.4m loss for the third quarter of 2015, about even with a $5m loss in the same quarter last year. It canceled orders for three new ships as the bulk-ship operator coped with a steep decline in demand for commodities in China. Net Revenue of Pioneer amounted to $9.9 million for the third quarter of 2015 and $28.8 million for the nine month period ended September 30, 2015. Pankaj Khanna, Chief Executive Officer, commented, "2015 has proved to be the toughest year for the drybulk market in probably 35 years. Regarding the termination of three newbuilding contracts with no cancellation penalty to the Company…

V.Ships, the ship management arm of global maritime services provider V.Group, has recently completed the transfer of the rapidly growing Pioneer fleet of geared dry bulk carriers into its management portfolio. Pioneer Marine Inc, a fleet owner of some one million deadweight of tonnage, currently operates 13 operational handysize and handymax dry bulk ships on the water with another 12 ships currently under construction in China. Initially contracted in August 2014 to manage three of Pioneer’s vessels…

Pioneer Marine’s newbuilds will feature OCTOPUS-Onboard fuel monitoring system to support the crew’s decision-making. ABB Group company Amarcon will deliver Ship Energy Efficiency Management Plan (SEEMP)-compliant OCTOPUS-Onboard fuel monitoring systems for 12 Handysize bulk carriers that will be built by YangZhou GuoYu Shipbuilding Co., Ltd and delivered to the Singapore based owner Pioneer Marine Inc. in 2015 and 2016. Mandatory on all vessels since 2013, SEEMP is an operational measure that establishes a mechanism to improve the energy efficiency of a ship in a cost-effective manner.

DryShips Inc. (NASDAQ: DRYS) a provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of off-shore deepwater drilling services, today announced that Pankaj Khanna, Chief Operating Officer, will be stepping down from his position, effective October 2, 2012, to pursue other interests. His duties will be absorbed by the existing management team. George Economou, Chairman and Chief Executive Officer of the Company commented: “It was a pleasure working with Pankaj, and we wish him well in his future endeavors.”

Ocean Rig UDW Inc. provider of offshore deepwater drilling services announce that Pankaj Khanna, Chief Marketing Officer, has left the company. Mr. Khanna departed on 2, October 2012 to pursue other interests and his duties will be absorbed by the existing management team. Ocean Rig, headquartered in Cyprus, owns and operates 6 Drilling Units, the 2 drilling rigs Leiv Eiriksson and Eirik Raude and the 4 drill ships Ocean Rig Corcovado, Ocean Rig Olympia, Ocean Rig Poseidon and Ocean Rig Mykonos. All 6 units are constructed for Ultra Deep Waters and Harsh Environment. In addition it has 3 Ultra Deep Water Drillships under construction, capable to work in 12, 000 feet water depth.

Tanker companies have been pumping out impressive results in recent weeks but it is the owners of smaller ships that have led the field and will continue to do so in 2001, analysts said. They said the best of them so far has been Teekay, which with its fleet of 75 Aframaxes (70-80,000 tonners) reported a profit of $270 million for the year ended December 31, 2000, compared to a loss of $17.7 million in the preceding year. It also beat analysts' predictions. "Teekay beat the street by a long way," said Nicolai Heidenreich of consultants Marine Money Capital Partners. Another big Aframax operator, Overseas Shipholding Group, last week reported $90.3 million profits for 2000, compared with $14.8 million in 1999. Both Teekay and OSG's results reflect an extremely strong Aframax market in 2000.

Oil freight costs that have fallen sharply from record peaks two months ago are helping reduce energy import bills already eased by lower crude prices. Tanker market experts said freight charges that rocketed to unexpected heights in November looked set to remain under control over the next six months at least. Very Large Crude Carriers (VLCCs) delivering crude to Japan and Singapore from the Middle East now charge about Worldscale 85, $1.40 per barrel, having peaked last November at W190, $2.65 a barrel. Supertanker rates to the United States also are lower at about $2.30 a barrel from the Gulf $3.20 a barrel in November. "More new ships will be coming in…