Greek container and dry bulk shipping firm Lloyd Fonds has cancelled eight ships from its newbuild schedule due to a fall in demand.

The move will take the Lloyd Fond’s planned number of ships to 21 from 29, to be built over the next three years.

The eight cancelled ships comprise of four bulk carriers with a capacity of 118,000dwt and four container ships with a capacity of 3,400TEU.

Lloyd’s reduction of the pipeline volume accounts for $458.8m which translates into an order volume reduction of 21%.

The company said it is also negotiating a price reduction on ships and changes to delivery times.