A Greek owner's move to renew its fleet has exposed it to the sharp drop in shipbuilding values.
Leros Management of Greece says it intends to go through with 10 newbuilding contracts it placed in 2008 and shoulder a difference of some $130m between the prices it paid and today's levels.
Leros has an orderbook of six 34,000-dwt bulkers at Dae Sun Shipbuilding & Engineering of South Korea and four 57,000-dwt supramax bulkers at Cosco Zhoushan.
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