'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."
 


Legal

Philippines: Sea Dispute Won't Shift Ties with China, U.S.

The Philippines' territorial dispute with China over the South China Sea has not caused Manila to rebalance diplomatic ties with either its ally, the United States,

Hanjin Shipping to Submit Self-Rescue Plan

South Korea’s Hanjin Shipping is planning on submitting a self-rescue plan to creditors this week to stave off bankruptcy by Aug. 25, reports Korea Herald quoting local media.

US Coast Guard Announces Final TWIC Rule

The U.S. Coast Guard announced Tuesday the publication of the final rule concerning Transportation Worker Identification Credential (TWIC) reader requirements. The

Finance

European Owners Lead in Buying Up Secondhand Tonnage

With European owners leading the pack in buying up vessels, the sale and purchase market appears to have been notably active in recent years, reveals Clarkson Research Services Limited.

Monjasa Bags Credit Facility from Société Générale

Danish bunker fuel supplier and shipping firm Monjasa has signed a credit facility with French bank Société Générale for USD 80 million.    A statement from

Hanjin Shipping to Submit Self-Rescue Plan

South Korea’s Hanjin Shipping is planning on submitting a self-rescue plan to creditors this week to stave off bankruptcy by Aug. 25, reports Korea Herald quoting local media.

Container Ships

APL Strengthens Asia-Europe Service Network

APL today announced the launch of a new weekly service - the India Pakistan Europe (IPE) Service, directly connecting the key South Asian markets of India and Pakistan to major ports in Europe.

BG Freight Line Orders Four Containerships

BG Freight Line, a fully owned subsidiary of Peel Ports Group, is to receive new tailor-made short sea container feeder vessels optimized for the company’s Irish Sea Hub services.

Mobile Crane for ICTSI Congo

Matadi Gateway Terminal (MGT), the new container and general cargo terminal on the Congo River, DR Congo, has received the first of two new mobile cranes scheduled to go into service at the terminal.

Casualties

Giant CMA CGM Ship Vasco De Gama Runs Aground

CMA CGM’s mega containership Vasco De Gama ran aground off the Port of Southampton on the UK’s south coast just after midnight on August 22, 2016, reported Fleetmon.

Fire-stricken Ferry Moored Safely

The fire aboard the passenger vessel ferry Caribbean Fantasy has been extinguished, and the vessel has been moored safely at Pier 15 in San Juan Harbor, the U.S.

Boat Sinks in Indonesia: 10 dead, 5 missing

Ten people have drowned while five are still missing after a wooden boat carrying 17 people capsized in the province of Riau Islands on Sunday morning, reports the Jakarta Post.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0696 sec (14 req/sec)