'Rena' Owners Reach Financial Settlement with NZ Government

Press Release
Tuesday, October 02, 2012

The New Zealand Government & Daina Shipping Company settle amount due arising from the container ship's grounding on 5, October 2011.

Keith Manch, Director of Maritime New Zealand, confirmed that Daina Shipping Company will pay $27.6 million to settle the claims of the Crown and public bodies including Maritime NZ, Bay of Plenty District Health Board, Environmental Protection Agency, the Minister of Local Government (signing as the territorial authority for Motiti island), and the New Zealand Transport Agency.

"This was a very complex negotiation given the range of issues and parties involved, and represents a good outcome for New Zealanders," said Mr Manch.  "As with any settlement it is about finding a solution that both sides can live with, and I would like to acknowledge the constructive approach taken by Daina Shipping Company and their continuing commitment to meet their obligations under New Zealand law."

The settlement also recognises that Daina Shipping Company and The Swedish Club (the Rena's insurers) are currently investigating the environmental, social, cultural and economic impacts of different options for dealing with the wreck.  In the event that they decide to apply for, are granted, and use a resource consent to leave part of the wreck in place, Daina Shipping Company will make an additional payment of $10.4 million to the Crown, reflecting their reduced salvage costs.

Konstantinos Zacharatos, on behalf of Daina Shipping Company, said: "We have always sought to work closely with the New Zealand authorities to address all aspects of this serious incident.  This settlement is a vital step forward in our progressive resolution of all the issues, and I want to thank the New Zealand authorities for all of their work that has gone into achieving this outcome."
 

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