Expanding bulker owner Navigation Maritime Bulgare (Navibulgar) is denying market talk that it will cancel the three shallow-draught handymaxes remaining in a four-ship order at China’s Jiangsu Hongqiang Marine Heavy Industry.

“Nothing has been cancelled,” a Navibulgar official told TradeWinds. “We have full confidence in Hongqiang on these ships and we don’t regard the project as at risk.”

The original order placed in August 2014 was for four firm ships and two options, with a reported price of $24.3m