The government had sued Shenzhen Energy Transport for at least AU$120 million in the Australian Federal Court after the fully laden ship Shen Neng 1 went off course and grounded on Douglas Shoal, 100 kilometers (60 miles) east of the town of Rockhampton, among the World Heritage-listed coral reefs in April 2010.
Environment Minister Josh Frydenberg said in a statement on Monday that Shenzhen Energy Transport had agreed to the out-of-court-settlement after refusing to accept responsibility for restitution for more than six years.
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