The owners of the wrecked Rena Daina Shipping Company will pay $27.6million to settle the claims of the Crown and public bodies arising from the grounding of the containership on Astrolabe Reef almost a year ago.

The 'comprehensive financial settlement” includes the claims of 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.

The Rena bow remains above water on the Astrolabe Reef where it grounded on October 5 last year. Photo: Supplied.

The 236metre cargo ship struck the reef as it travelled from Napier to the Port of Tauranga in the early hours of October 5 subsequently spilling more than 350 tonnes of heavy fuel oil into Bay of Plenty waters.

Read more about the Rena grounding here.

The settlement also recognises that Daina Shipping Company and Rena's insurers - The Swedish Club - are investigating the environmental, social, cultural and economic impacts of different options for dealing with the wreck, says director of Maritime New Zealand, Keith Manch.

They have agreed to pay the crown a further $10.4million if they succeed in obtaining a resource consent to leave part of the wreck in place – reflecting reduced salvage costs.

'This was a very complex negotiation given the range of issues and parties involved, and represents a good outcome for New Zealanders,” says MNZ Director Keith 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.”

Daina Shipping Company spokesman Konstantinos Zacharatos says the settlement is a vital step forward in resolving the issues surrounding the grounding.

'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.”

Transport Minister Gerry Brownlee says the $10.4million is conditional because the resource consenting process is completely independent.

'These agreements are the result of careful negotiations over several months and I am satisfied they represent the best possible outcome for the people of New Zealand,” says Gerry.

'Throughout this process Daina Shipping has negotiated constructively, and as a result we now have agreements that avoid costly and time-consuming court action with no guarantee of the outcome.

'Under maritime law when the Rena went aground Daina Shipping was only obliged to pay a maximum of approximately $11.3million compensation for losses caused by its grounding,” says Gerry.

To date the cost to the Crown of the Rena grounding is approximately $47million.

'These agreements allow both New Zealand as a whole, and the Bay of Plenty region, to move on from what was, from an environmental standpoint, the worst maritime disaster in our history.

'I am confident Daina Shipping will continue to take a positive approach to all elements of the wreck removal process and their legal obligations.”

The Marine Legislation Bill, currently going through the parliamentary process, will substantially increase the amount of compensation payable by ship owners for incidents like the Rena grounding.

Legislation is expected to be in place in early 2013.

Meanwhile oil is continuing to wash ashore from the grounding with reports of oil on Western Bay of Plenty beaches at the weekend.

Read more about the Rena here.