Chinese shipbuilding industries are selling off cancelled newbuildings in quite low prices.
Sources said that an anonymous Greek owner paid $7m apiece for two small-sized bulkers from Chinese shipyard. 
Considering 30,000-dwt handysize newbuilding bulker is currently priced around $21m, recent resale price from the Chinese yard only remains at one third of the market price.
Chinese shipbuilders have cut newbuilding price by 20%, at most, in competing with South Korean and Japanese shipyards. However, recent deal seems to be  unprecedented contract.