Bankrupt Atlas Bulk Shipping has made significant headway in a battle over the resolution of freight future deals with the Angeliki Frangou led Navios group.

A London high court judge has ruled that Navios can not rely on set-offs between freight forward agreements (FFAs) that were in the money or in deficit in defending a claim brought by the bankruptcy trustees of the Danish Atlas group.

It can also not use in its defence set-offs acquired from Global Maritime Investments (GMI) to reduce Navios’ debt to Atlas Bulk.

Atlas