Oslo-listed Siem Shipping Inc. said in a filing to the stock exchange that the sale of its veteran reefer named Honduras Star has been cancelled.

The company announced the sale of the Liberia-flagged cargo ship on April 2, 2015.

However, as indicated in the filing, the buyer did not pay the agreed amount in the envisaged period.

"The buyer failed to pay the purchase price within the contractually agreed period, which will result in the loss of the buyer's deposit and a claim against the buyer for damages," Siem Shipping explains.

The 10,629dwt vessel, built in 1992, was priced at US$6m.