Rena owners fined $300k

The owners of the Rena say today's sentencing over the vessel's grounding represents a further milestone towards addressing issues arising from the incident.

Daina Shipping Company today pleaded guilty to discharging a harmful substance into a coastal marine area, and were fined $300,000.

In a statement, Konstantinos Zacahratos apologised on behalf of the shipping company to the Bay of Plenty community, and people of New Zealand.

He says the incident occurred as a result of human errors.

The company and its insurers, The Swedish Club, have also moved to establish limitation funds in New Zealand and the UK to compensate cargo owners, businesses and others who suffered a loss from the grounding.

Earlier, the prosecution has sought a fine of $450,000.

The maximum fine possible was $600,000 and $10,000 for every day the offending continues.

Earlier this month Daina Shipping agreed to pay the Government $27.6 million compensation for the grounding.

The lawyer for Daina Shipping believes the fine it's received over the grounding of the Rena is just punishment.

Lawyer Paul Mabey QC says they've already gone over and above what they legally had to pay.

"It had the opportunity to simply stand on its limitation rights, have a fund of $11.4 million and leave the Government and everyone else to go to it, but what's been achieved by this compensation agreement is now a large fund available for private claimants."