Wednesday, October 3, 2012

Rena owners to pay $27.6M settlement

The owners of the Rena, Daina Shipping Company, will pay 27.6 million to settle the claims of the New Zealand government and several public bodies, including Maritime New Zealand, relating to the grounding of the vessel at Astrolabe Reef on October 5, 2011.

The figure will rise to $38 million if the company gets resource permission to leave part of the wreck where it is on the reef.

The government has paid $47 million for Rena salvage and cleanup so far.

Transport Minister Gerry Brownlee said he was satisfied with the deal. Under Maritime Law, Daina Shipping was only required to pay a maximum of $11.3 million compensation for losses caused by its grounding, he said.

The settlement will not affect the government's prosecution of Daina Shipping under the Resource Management Act.

For more of The New Zealand Herald story: nzherald.co.nz

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