NEW YORK (Bloomberg) — A commodity vessel owned by STX Pan Ocean Co., seized in relation to a lawsuit brought by Bermuda-based shipping line Golden Ocean Group Ltd., has been released and the dispute settled.

The two sides "reached a settlement" and the Ocean Jade was released, Seoul-based STX spokesman Sung-hee Lee said in an e-mail yesterday. The settlement was confirmed by phone by Herman Billung, Oslo-based chief executive officer of Golden Ocean's management unit. He said the vessel will most likely be released "during the course of the day".

A warrant for the Ocean Jade, docked at Corpus Christi, Texas, was issued by the US. District Court, Southern District of Texas (Corpus Christi), last Friday, according to court documents.

STX was sued by Golden Ocean for $12.8 million over the unpaid settlement of a derivatives contract.