The owners and insurers of the Ever Given container ship, that was seized by Egypt will be released on Wednesday. The container had blocked the Suez Canal in March and was in the middle of a compensation dispute. A formal settlement has been reached and the canal authority said the vessel will be allowed to sail on July 7.
The Ever Given, which was dislodged with help of tugboats and dredging equipment, was detained by the Canal Authority, who demanded compensation for efforts to dislodge the container and loss of income incurred when the vessel was stuck, preventing any other ship from passing through the canal. The Canal Authority had requested $900 million in compensation. The amount was eventually reduced to $550 million. The Ever Given had been stuck in the Suez Canal, from March 23 to March 29.
According to a shipping data company, Lloyd's List, the blockade was holding about $ 9.6 billion in cargo every day.
"We are pleased to report that ... good progress has been made and a formal solution agreed," Faz Peermohamed, a member of the London law firm Stann Marine who represents owner Shoei Kisen, the ship’s owner and his insurers told AFP.
