Pankaj Khanna led Pioneer Marine in loss in second quarter 2016. Pioneer Marine cancelled 2 newbuildings at Chinese Shipyard. Pioneer Marine. Norwagian listed Pioneer Marine reported a loss of $6.7m for the quarter including cancellation fees at Chinese Yangzhou Guoyu Shipyard. Pioneer Marine looking for more opportunities in the second hand market for bigger dry bulk carriers. Pioneer Marine total revenue dropped to $7.1m due to time charter equivalent dropped to $5,070 per day.