The Norwegian company paid $175.3m in total for nine kamsarmaxes at the shipbuilder, but began tearing up the deals from 2012.

The yard contested its right to do so, but the owner has now received refunds for seven of the ships.

It revealed on Friday that the London court had found in its favour in December on the last four vessels.

Golden Ocean has received funds of $72m from the yard in the first quarter of 2015, in addition to $103.6m