Thai owner Precious Shipping has cancelled three ultramax newbuildings in China, while negotiating price cuts on five others.

It said it had agreed the deal with Taizhou Sanfu Ship Engineering, with which it is already in arbitration over the 10-ship series, costing $27.5m each.

The price of hull numbers SF130126, SF130127, SF130128 and SF130129 will be cut to $25m each.

On delivery, Taizhou Sanfu will provide an unsecured corporate loan of $6m for each ship.

Repayment