The High Court in London has ruled in favour of Nicholas G Moundreas Shipping (NGM) in a $37.5m case against an array of top insurers including Allianz, Axa and Generali.

Unless the decision is reversed on appeal, the Greek company will be compensated for the 170,100-dwt Win Win (built 2001), a capesize immobilised in Indonesia for 18 months, five years ago.