Claims being brought by shipowner Teekay LNG and trader Vitol in relation to the grounding of the 165,500-cbm LNG carrier Magellan Spirit have been settled out of court.

TradeWinds understand that the parties involved reached a settlement after going through the mediation period, which they were obliged to undertake in a commercial case being brought before London’s High Court.

Payments are believed to have been made by both sides.

Sources