John Fredriksen-controlled SFL Corp has rescinded a container ship charter as evidence mounts that falling freight rates are making life tough for some shipping newcomers.

The shipowner has abruptly ended the charter of the 1,740-teu Green Ace (built 2005) with UK freight forwarder Allseas Shipping Company.

The vessel had been poised in August to start a lucrative two-year charter at rates just a shade shy of $50,000 per day.