Ever Given ship that blocked Suez Canal to be released

CAIRO: The Ever Given container ship, impounded by Egypt after it blocked the Suez Canal for nearly a week, will be released on Wednesday following an agreement with its owners and insurers, the Suez Canal Authority (SCA) said on Sunday.

The canal authority said a ceremony would be held on July 7 to mark the signing of an agreement with the owners and “the departure of the ship.”

The 400-meter (1,312 feet) long mega-ship was passing through a single-lane portion of the Suez Canal on March 23 when it veered off course and got stuck diagonally across the canal during a sandstorm.

It remained wedged there for six days, blocking a vital route between Europe and Asia, and disrupting global trade.

After the ship was finally dislodged, it was held by the canal authority which sought compensation from the ship’s Japanese owners for lost revenue and the cost of salvaging it.

The canal authority reported that revenue lost during the time that the Ever Given was stuck amounted to $12-15 million (€10-12.6 million) a day.

Last week, SCA chief Osama Rabie said that Egypt signed a non-disclosure agreement with the owners of Ever Given as the final settlement was being finalized.

Initially, the canal authority has sought $900 million in compensation to cover lost revenue, salvage efforts, and damage to reputation. But the amount was later publicly lowered to $550 million.

“We are pleased to announce that... good progress has been made and a formal solution agreed,” said Faz Peermohamed, a member of the London-based Stann Marine law firm which represents owner Shoei Kisen and its insurers.

“Preparations for the release of the vessel will be made and an event marking the agreement will be held at the Authority’s headquarters in Ismailia in due course,” Peermohamed said.

The lawyer did not give details of the settlement.