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In principle, an agreement was reached on Suez Canal vessels



(Reuters) – A representative of the owners and insurance companies of a giant cargo ship that blocked the Suez Canal in March on Wednesday said that an agreement had in principle been reached in a compensation dispute with the canal authority.

Work was underway to complete a signed settlement agreement as soon as possible, and arrangements for the release of the Ever given container ship would be made after formalities had been processed, said Faz Peermohamed of Stann Marine in a statement.

The Ever given has been anchored in a lake between two stretches of the canal since its release on March 29. It had been grounded across the canal for six days, blocking hundreds of ships and disrupting global trade.

The Suez Canal Authority demanded $ 91

6 million in compensation to cover rescue efforts, reputational damage and lost revenue before publicly lowering the request to $ 550 million.

Ever Given's Japanese owner, Shoei Kisen and its insurance company ave questioned the claim and the ship's detention under an Egyptian court decision.

SCA lawyer Khaled Abu Bakr told on Sunday at a court hearing about the ship's detention that the ship's owner had submitted a new compensation offer and negotiations are ongoing.


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