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.