US District Judge Ronnie Abrams, of the federal court in New York, has approved dismissal of the case following the settlement.
As TradeWinds has reported, Chellaram shipowning affiliate Moti Shipping filed the lawsuit in January, a year after its 80,500-dwt Darya Moti (built 2010) lost a rudder in the Atlantic.
The ship had been carrying coal to Bridgeport, Connecticut, in the height of winter when it lost steering.
