Parties reach an agreement on the release of the Ever Given ship which was stuck in the Suez canal earlier this March

5th July, 2021

Parties reach an agreement on the release of the Ever Given ship which was stuck in the Suez canal earlier this March

According to their spokesman and the canal's chairman, the owners and insurers of a massive cargo ship that stopped the Suez Canal in March have struck a deal in principle in a compensation dispute with the canal administration.
Since March 29, the Ever Given cargo ship has been anchored in a lake between two portions of the canal. It had been grounded for six days across the canal, causing hundreds of ships to be stranded and worldwide trade to be disrupted. "We agreed to resolve this matter peacefully rather than through the courts, and we reached an agreement on a final settlement. The agreement is now being negotiated and will be evaluated "Chairman of the Suez Canal Authority (SCA), Osama Rabie, said on a local Egyptian television programme late Wednesday.
Shoei Kisen, the Ever Given's Japanese owners, and its insurers have disputed the claim as well as the ship's detention by an Egyptian court order. The canal deemed the settlement "acceptable," according to Rabie, who added that the parties had signed a confidentiality agreement, so the deal's total value would not be revealed until everything was finished and signed.