Greek dry bulk vessel operator OceanFreight is no longer to buy a 2001-built Panamax ship.

The company said it will not be buying the vessel as the sellers had not lifted their conditions for sale.

OceanFreight has also said it would buy a $61.25m Capesize bulk carrier, scheduled for delivery in the last quarter.

The vessel, once delivered to the firm, will embark upon a nine-year time charter at a gross daily rate of $26,250.