That's true that engines tend to be less efficient at light load. Gas engines are the most extreme example of this. N/A diesels suffer less, turbo diesels suffer even less typically. Detroits (especially non-turbo) lose more efficiency at light load than most modern diesels. And even at peak efficiency, they're less efficient. 16 HP / gal isn't good by modern standards. Most modern turbodiesels are in the 18 - 20 HP / gal range at peak efficiency and have a wider range of good efficiency.
As an example, based on the Cummins datasheets, a 380hp QSB 6.7 putting out 205hp is making just shy of 19.4 HP / gal. At WOT, it's about 18.3 HP/gal. For a Yanmar 8LV 370hp, the efficiency according to the datasheet is shockingly good. At 200hp, it's burning 9.9 gal/hr, which comes to 20.2 HP / gal. At WOT, it's about 19.5 HP / gal.