The container ship that blocked the Suez Canal in March and has been detained there since is due to finally resume its journey after the owner and insurers reached a compensation settlement with the canal authority.
One of the world’s largest container ships, the Ever Given became wedged diagonally across a single-lane stretch of the canal for six days, disrupting global trade.
The Suez Canal Authority demanded more than $US900 million ($A1.2 billion) in compensation for the salvage operation and other losses, later lowered to $US550 million.
It held the ship under court order as it pursued the claim, creating a dispute with the ship’s insurers and Japanese owner Shoei Kisen.
Egypt has finalised a deal with the Japanese company, Ever Given for compensation over the 7-day blockage of the Suez Canal by their ship.
The ship has been released by the Egyptian authorities, after it spent 106 days in the country.
Egypt demanded a $916 million compensation. pic.twitter.com/AWqkjWapGD
— Africa Facts Zone (@AfricaFactsZone) July 5, 2021
The ship and its Indian crew have been anchored for more than three months in the Great Bitter Lake, between two stretches of the canal.
After protracted negotiations, an undisclosed settlement between the parties was reached and the SCA announced that the ship would be released on Wednesday.
A ceremony was due to be held at the canal to mark the departure of the vessel, which is loaded with about 18,300 containers.
Canal sources said the Ever Given would be escorted by two tugboats and guided by two experienced pilots.