Egypt has reached an agreement to free the ship that blocked the Suez Canal.
After reaching an agreement with the vessel’s owners and insurers, Egypt will release the container ship that blocked the Suez Canal in March. The Ever Given would be allowed to depart the Great Bitter Lake, the canal’s midway point, on Wednesday, according to the two parties.
The terms of the agreement were not disclosed, but Egypt had requested $550 million (£397 million).
After running aground in severe wind, the 400m-long (1,312ft) Ever Given became stuck across the canal.
It was rescued six days later after a salvage operation that comprised a fleet of tug boats and dredge vessels and resulted in the death of one person.
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Hundreds of ships were forced to wait for passage through the 193-kilometer (120-mile) channel that connects the Mediterranean Sea to the Red Sea and provides the quickest sea link between Asia and Europe, disrupting global trade.
On Sunday, UK Club, which insured Ever Given owner Shoei Kisen for third-party liabilities, said that they had reached a “formal arrangement” with the Suez Canal Authority (SCA) to resolve their compensation issue.
The celebration will take place on Wednesday, according to the SCA, and participants will be able to witness the ship leave the canal.
The amount of compensation was not disclosed, but SCA chairman Osama Rabie said the company will receive a tug boat as part of the transaction.
The SCA requested $916 million in total, with $300 million for a salvage bonus and $300 million for reputational damage. However, UK Club dismissed the allegation as “extraordinarily huge” and “largely unsubstantiated.”
Later, the SCA lowered its claim to $550 million, but the owners and insurers reportedly offered $150 million in exchange.
The goods within the Ever Given’s 18,000 containers are estimated to be worth $775 million. They include items for huge global corporations such as Lenovo of China and Ikea of Sweden, as well as smaller enterprises such as Snuggy of the United Kingdom and Pearson 1860, a bicycle manufacturer.
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