Egypt’s ISMAILIA (via Reuters) The Ever Given container ship’s owners and insurers announced on Sunday that a formal resolution in a compensation issue had been reached, and the canal authority said the vessel will be allowed to sail on July 7. Since the big ship and its crew were dislodged on March 29, the Suez Canal Authority (SCA) has kept them in a lake between two segments of the waterway, amid a disagreement over the SCA’s compensation demand. The Ever Given, owned by a Japanese company, became stranded in severe winds and remained wedged across the canal for six days, affecting world trade. “Preparations for the vessel’s release will be made, and an event marking the agreement will be held in due time at the Authority’s offices in Ismailia,” said Faz Peermohamed of Stann Marine, which represents owner Shoei Kisen and its underwriters. The SCA stated that the settlement deal would be signed at a ceremony on Wednesday, and that attendees would be able to see the ship depart. The payment was not disclosed by Stann Marine. As part of a settlement, the canal will receive a tug boat with a pulling capability of roughly 75 tonnes, according to Osama Rabie, chairman of the SCA. “We fully safeguarded the authority’s rights, our relationship with the corporation, and our political contacts with Japan,” he said on Sunday evening to a private TV channel. Despite the Ever Given catastrophe, the canal generated $3 billion in revenue in the first half of 2021, up 8.8% from the same period last year, according to Rabie. Last month, Shoei Kisen and its insurers announced that they had struck a preliminary agreement with the SCA. Before formally decreasing the request to $550 million, the SCA had sought $916 million in compensation to cover salvage costs, reputational damage, and lost revenue. Shoei Kisen and the ship’s insurance had contested the claim as well as the ship’s arrest by Egyptian authorities. An Egyptian court had earlier on Sunday postponed hearings in the reparations issue until July 11 to allow the canal and the ship’s owner to finalize the agreement, according to court sources and a lawyer./n
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