The Rena's insurers have vowed to payout but as the costs mount-up it is not clear what their share of the disaster clean-up will be.
Salvors were today waiting out bad weather hitting the Tauranga coast before returning to the Liberia-registered container ship which grounded on the Astrolabe Reef on October 5 and has so far spewed about 350 tonnes of oil into the sea.
The Swedish Club, the insurers of Costamare Shipping the company who own the Rena, have pledged to meet the cost of the grounding in full.
The Swedish Club managing director Lars Rhodin said Costamare had insured ships with the company for some 30 years.
"This cover includes pollution liabilities. The owner's obligations in this situation will be met in full. Both Costamare and The Swedish Club deeply regret that this accident has occurred and that environmental damage has resulted,'' Mr Rhodin said.
The Swedish Club is one of 13 members of the International Group of Protection and Indemnity Clubs and responsible for shipowners' third party liability risks worldwide.
Earlier today the company that chartered the stricken ship Rena said it would pay $1 million towards the clean-up.
Kevin Clarke, managing director for Australia and New Zealand, Mediterranean Shipping Company, today announced the $1 million donation.
Salvors were today waiting out bad weather hitting the Tauranga coast before returning to the Liberia-registered container ship which grounded on the Astrolabe Reef on October 5 and has so far spewed about 350 tonnes of oil into the sea.
The Swedish Club, the insurers of Costamare Shipping the company who own the Rena, have pledged to meet the cost of the grounding in full.
The Swedish Club managing director Lars Rhodin said Costamare had insured ships with the company for some 30 years.
"This cover includes pollution liabilities. The owner's obligations in this situation will be met in full. Both Costamare and The Swedish Club deeply regret that this accident has occurred and that environmental damage has resulted,'' Mr Rhodin said.
The Swedish Club is one of 13 members of the International Group of Protection and Indemnity Clubs and responsible for shipowners' third party liability risks worldwide.
Earlier today the company that chartered the stricken ship Rena said it would pay $1 million towards the clean-up.
Kevin Clarke, managing director for Australia and New Zealand, Mediterranean Shipping Company, today announced the $1 million donation.