World

Early agreement reached in dispute over Suez Canal ship

The owners and insurers of the giant container ship that blocked the Suez Canal for nearly a week earlier this year have reached an agreement in principle over their dispute with canal authorities, according to representatives from both sides.

migrator

Cairo

Stann Marine, the lawyers representing the vessel's owners and insurers, and a spokeswoman for the Suez Canal Authority both confirmed the development. Neither elaborated on what the agreement would entail. The dispute centers on the compensation amount the Suez Canal Authority is claiming for the salvage of the vessel Ever Given, which ran aground in March, blocking the crucial waterway for six days.

The money would cover the salvage operation, costs of stalled canal traffic, and lost transit fees for the week the Ever Given blocked the canal.

At first, the Suez Canal Authority demanded USD 916 million in compensation, which was later lowered to USD 550 million.

Since it was freed, the Panama-flagged vessel, which carries cargo between Asia and Europe, has been ordered by authorities to remain in a holding lake mid-canal as its owner and the canal authority try to settle the compensation dispute.

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