London-listed Goldenport was set to buy two trading ships and five newbuildings from the private Dragnis stable.

Today the public company revealed the deal will not be completed. 

It says the board decided it was not in the best interests of the company to undertake the swoop, despite strong institutional demand for shares to fund the purchase.

Attempts to reach chief executive John Dragnis for further details on the decision were unsuccessful at the time of writing today.

Goldenport