The court was told that removing just the aft section of the wreck would cost between NZD 388m and NZD 560m ($273m to $394m) and take up to three years.
About 11,000 tonnes of steel from the Rena remain on the seabed near the Astrolabe Reef, more than five years after the 2011 loss.
The salvage and wreck-removal operation on the vessel already has cost $425m to the Swedish Club, the other protection-and-indemnity (P&I) mutuals with which it pools claims, and reinsurers.
