Rena owners financially committed

Wednesday 11th January 2012

Costamare, owner of the Rena, has pledged continued financial support for the salvage operations and is in talks with lawyers for volunteer groups to help cover some of their costs.

Costamare is “cooperating with Maritime New Zealand and other government departments to do everything possible to mitigate the effects of the situation,” the Greek company said in a statement released after the stern section of the Rena sank off Astrolabe reef.

Legal representatives of the volunteers are currently in negotiations to try to recover costs, says a Maritime New Zealand spokesman. “At this stage details are being worked out with legal teams” the spokesman said. The outcome will depend on the level of Costamare’s capped costs under its insurance policies.

Almost 8,000 volunteers have been involved in helping clean up the fallout from the Rena and have ended up facing unavoidable costs which they may be entitled to recover.

“The wildlife treatment and rehabilitation facility was a significant cost,” the Maritime New Zealand spokesman said. “Helicopters, quad bikes, fuel, water - there are a lot of costs. It all has to be paid for. We’re trying to recover our costs”.

Costamare’s New York Stock Exchange-listed shares fell 0.5 percent to US$14.90 yesterday and have gained 29 percent in the past three months.

(BusinessDesk)

BusinessDesk.co.nz

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