Yangzijiang Shipbuilding has cancelled six kamsarmax newbuilding contracts with an unnamed compatriot shipowner, the Chinese shipyard said.
The Chinese yard said the owner had “failed to meet its financial obligations” on the series of 82,000-dwt bulkers.
The yard says it is unlikely to lose out as initial deposits of 15% of the contract value.
The ships were reportedly ordered early last year at $36m apiece for delivery from May 2012 to the first half of 2013.
Yangzijiang has wasted little time in turning around at least one of the ships which is understood to have been offloaded to a European shipowner.