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Queensland's Premier Anna Bligh [pictured] has rejected a bunker spill compensation offer from Swire Shipping following a meeting with company representatives in Brisbane today.

Both parties met to discuss a mutually acceptable cleanup payment for the 270-tonne spill which took place on March 11th when the Hong Kong-flagged Pacific Adventurer was travelling from Newcastle to Brisbane. 31 containers of ammonium nitrate broke loose in rough seas in the wake of Cyclone Hamish and a falling container was reported to have damaged the ship's hull where the heavy fuel oil was stored, causing around 270 metric tonnes of bunker fuel to leak into the open sea off Australia's Moreton Island.

Today's meeting follows comments made earlier this month by Premier Bligh that lawyers for Swire Shipping had informed the state government that the company only intended to pay the $US17 million required under international maritime conventions, leaving taxpayers to pay the rest of the estimated $US27 million despite previous assurances that it would pay above the cap.

After today's meeting, Bill Rothery, chairman of ship owners John Swire and Sons, said he had put an offer on the table during talks with the Premier this morning.

"We have put a proposal to the State Government - it's a substantial offer, which will exceed the $14.5 million in legal responsibilities that we have at this stage," Mr Rothery said.

The offer, thought to be around $20 million, also included compensation for small businesses affected by the spill. However, Premier Bligh said the offer was still unacceptable.

"It is encouraging that they met with the Queensland Government," she said.

"It is very constructive that they made an offer, but frankly it is not an offer that I'm prepared to accept.

"I won't accept second best, I won't compromise on the requirement in my view of this company to accept the clean-up costs.

"We have a long way to go before the Queensland taxpayer can be adequately reimbursed."