Reuters agreed to release the vessel that was blocking the Suez Canal

ISMAIL, Egypt (Reuters) – The owners and insurers of the Ever Give container vessel, which blocked the Suez Canal in March, said a formal agreement had been reached in the compensation dispute on Sunday, and channel authorities would allow the vessel to navigate. on July 7th.

The Suez Canal Authority (SCA) has kept the giant ship and its crew in a lake between the two stretches of the canal since they were relocated on March 29, following the SCA’s claim for compensation.

The Japanese-owned Ever Give was stuck in the rough winds and remained hidden along the canal for six days, disrupting world trade.

“Preparations will be made for the release of the ship and an event to announce the agreement will be held at the Authority’s headquarters in Ismailia in due course,” said Faz Peermohamed of Stann Marine, who represents owner Shoei Kisen and his insurer. .

The SCA said the settlement contract would be signed at an event on Wednesday, and participants could see the boat leaving.

Neither the SCA nor Stann Marine provided details of the settlement.

Shoei Kisen and his insurers said last month that they had reached an agreement in principle with the SCA.

The SCA claimed $ 916 million in compensation for its recovery efforts, loss of reputation and lost revenue before the claim publicly fell to $ 550 million.

Shoei Kisen and the ship’s insurers discussed the claim and the arrest of the ship in accordance with an Egyptian court order.

Earlier in the day, the Egyptian court postponed hearings on the compensation dispute until July 11, allowing court and vessel owners to end the deal, court sources and lawyers said.