Singapore dry bulk handysize specialist Pioneer Marine has announced that CEO Pankaj Khanna is leaving the company.
Khanna founded Pioneer Marine in 2013, having previously been in c-suite roles with Alba, Excel, Dryships, Ocean Rig as well as serving seven years with Teekay.
He will be replaced in the interim by CFO Sam Tsui, who has served with Pioneer Marine since its inception.
Bradley Dietz, an independent director of Pioneer Marine, commented “Pioneer Marine believes it continues to be well-positioned to serve the dry bulk industry, evaluate strategic acquisition opportunities, while benefitting from improving dry bulk market fundamentals. Additionally, the Board thanks Mr. Khanna for his service to Pioneer Marine and wishes him continued success in his career.”
No reason was given for Khanna’s departure.
When asked by Splash about his future, Khanna said he will take the summer off and then decide.
Speaking at last month’s Maritime CEO Forum in Singapore, Khanna was optimistic for a dry bulk recovery describing himself as “quite bullish”. He cited stats out of China this year showing how steel consumption was up 4%, iron ore imports are up 12% and coal 30%. “This is a demand-led recovery,” he maintained.
