A New Zealand court ruling, which points to the bill for the salvage and wreck removal of the 3,032-teu containership Rena (built 1990) escalating by at least $200m, has caused consternation in the marine reinsurance market.
A key judgment from the Environment Court of New Zealand puts the cost of tackling the wrecked vessel at a huge figure of NZD 900m ($650m), much higher than the current loss notification to protection-and-indemnity (P&I) club reinsurers.
