Earlier this week, we reported on the European cargo vessel which had been detained by the Government of Belize (GOB) in the waters off the coast of Belize City for the past twelve days.

The ship was held because its owners owed an outstanding fine of nearly ten million dollars for another one of their ships – The Paranga – which had rammed into Belize’s Barrier Reef in July of 2012.

Yesterday, the ship was set free after GOB and the insurers resolved the claims and agreed that the 2-year-old fine will be paid to the Government over the next fourteen (14) days.

The original environmental fine – which was calculated at five thousand dollars per square meter for 1,800 square meters of damage – amounted to 9.6 million dollars; however, the parties agreed to a final figure of US$1.35 million dollars, which we understand might be paid as soon as this Friday.

The ship – which normally visits Belize’s harbor almost every week bringing cargo which originates from the Far East, Europe, the Caribbean and Panama – reportedly set sail sometime last night to deliver its backlogged cargo after being reloaded with fuel and water.

The cargo – which includes 20 containers with citrus concentrate, shrimps, corn, cornmeal and black-eyed peas belonging to Belizean exporters, and 8 refrigerated 40-foot containers loaded with frozen exports – had already been loaded onto the ship when it was placed under “arrest” on Friday, January 10, at 3:30 p.m.

Nevertheless, the resolution brings relief to the Belizean importers and exporters who were caught in the middle of the standoff because of the fact that a major shipping lane had been made inactive, causing substantial effects on trade.