George Economou-led DryShips has finally cancelled 4 newbuildings under construction at debtridden Rongsheng Heavy Industries (RSHI), saving $124m.
DryShips - bulk ship owner had warned about possible cancellations in February, due to delays.
DryShips initial order was for 4 NB 75,750-dwt ice-class panamax bulkers.
DryShips had paid $11.5m for the vessels but it got that money back plus interest.
Initial order was worth $124.4m.
Rongsheng Heavy Industries (RSHI) which has been unable to secure any orders during the past 2 years, could be taken over by another Chinese Shipyard called Shanghai Waigaoqiao Shipbuilding.
Dry Bulk Shipping News - Shipbroker Notes