Market Commentary and Intraday News
Owners of grounded ship settle with New Zealand
229 days ago
(AP:WELLINGTON, New Zealand) A Greek shipping company has agreed to pay New Zealand up to $31.5 million toward the cleanup costs of a cargo ship that ran aground on a reef last year.
The vessel Rena ran onto the Astrolabe reef near Tauranga on a calm night last October. It spilled hundreds of tons of oil and killed thousands of sea birds in what authorities here say was the country's worst maritime environmental disaster.
Daina Shipping, a subsidiary of Greek-based Costamare, along with its insurers agreed Tuesday to settle for $22.9 million for costs incurred so far and another $8.6 million if it doesn't remove the wreck, which remains on the reef.
The New Zealand government says the disaster has cost it $38.9 million but that maritime laws limit Costamare's financial liability.
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