Goldenport Holdings has cancelled contract orders for two newbuild bulk carriers with Qingshan Shipyard, China.

Under the cancellation agreement, the shipping company has received $9.36m from the shipyard, a portion of its initial deposit for the vessels.

The remainder of the initial deposit and related capitalised expenses of nearly $18.7m will be written off, Goldenport said.

The shipping firm said it will use the proceeds to repay $8.54m of the project specific loan.

Goldenport recently announced a contract for the construction of a 59,000dwt Supramax bulk carrier and expects its debt commitments in 2010 to be reduced by nearly $42.1m.