Rena Wreck Compensation May Exceed $22.9 MillionCreated by HButler on 10/9/2012 2:35:04 PM
Daina Shipping Company, a subsidiary of Greece-based Costamare, reached a financial settlement with New Zealand’s government today regarding the container ship Rena’s grounding in the Bay of Plenty on Oct. 5, 2011. The company will pay NZ$27.6 million (approximately US$22.9 million) to the government and public agencies, including Maritime NZ and the New Zealand Transport Agency.
Daina Shipping and the container ship’s insurers, The Swedish Club, are still considering different options to clean up the wreck. If they apply for and are granted consent to leave part of the wreck in place, they will make an additional payment of $8.6 million, reflecting the reduced salvage costs.
- The Journal of Commerce.