U.S. gets deposit for ship’s full value
The federal government and the owners of a container ship that spilled 58,000 gallons of oil into San Francisco Bay last month resolved a legal standoff Friday that kept the ship in port for more than five weeks.
The government received $79.5 million -- the full value of the ship, the Cosco Busan -- as the maritime equivalent of a release bond, said Andrew Ames of the U.S. Department of Justice.
The deposit eliminates the government’s threat to seize the vessel, which could have cost taxpayers a significant amount of money, Ames said.
-- Jeffrey L. Rabin
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