While Greek shipowner Paragon Shipping announced that it had agreed with a Chinese builder on contract cancellation for one boxship out of two previously ordered along with construction cost reduction, the builder turned out to be Zhejiang Ouhua Shipbuilding.

Back in March, 2011, both companies signed a contract to build two 4,777 teu containerships. They cancelled one boxship newbuilding out of the two units and additionally inked for two newbuildings of bulker.

According to Alphaliner, value of the rest 4,777 teu boxship newbuild was cut from $57.50m to $55.00m apiece with delivery planned in the second quarter of 2014.

Upon delivery, the containership will be owned by Box Ships of Greece and operated by Allseas Marine.