The New Giant, a bulk carrier held under arrest by a court order for nearly eight weeks at Gisborne, has been released and on Tuesday left for Austraila.
STX Pan Ocean, the ship's South Korean owners, went into receivership in mid-June and creditors obtained a High Court writ to seize the ship.
Several other ships the company owns were arrested in the same way at other ports around the world.
The New Giant was held at anchor in Poverty Bay.
A High Court official said negotiations between the owners and creditors successfully resolved their dispute and the arrest order was lifted.
New Giant and its crew of 20 are now sailing to Queensland to load a cargo of sugar.