Norway's Axel C Eitzen has negotiated a contract cancellation for a 60,000-dwt bulker newbuilding in Japan.
The deal with Oshima Shipbuilding was originally booked by Camillo Eitzen but Axel took over the vessel last year.
Camillo Eitzen had booked the ship at the peak of the market for $53m.
The 60K BC was due for delivery next year.