Sainty Marine has announced today that it has received a notice from Thai owner Precious Shipping for the cancellation of two 64,000 dwt bulkers, also requesting to return a prepayment of $23.36m.

Precious Shipping ordered fourteen 64,000 dwt bulkers in total at Sainty Marine. So far two vessels have been delivered, five vessels have been cancelled and another two delayed for delivery.

Sainty Marine also entered arbitration with Precious Shipping over the cancellation of two bulkers in July.