Golden Ocean Group has settled an arbitration dispute with Pipavav Shipyard, with the ship builder agreeing to sell six Panamax vessels for $31m each, 12% less than it had agreed to pay in 2007.

The company ordered the 75,000t vessels to sell them to Britania Bulk for $352.8m, but the company went bankrupt.

Golden Ocean will now add the vessels to its own fleet with the first ship due by the end of 2010, according to

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