Settlement agreed over ship that blocked Suez Canal : Owner's representative

The ship’s Japanese owners said last month they have reached agreement in principle in a compensation dispute with the Suez Canal Authority. (Reuters)

• The SCA had demanded $916 million in compensation to cover salvage efforts, reputational damage and lost revenue before publicly lowering the request to $550 million

CAIRO: A representative of the owners and insurers of the Ever Given container ship that blocked the Suez Canal in March said on Sunday that a formal settlement had been agreed with the canal authority to allow the ship to be released.
"Preparations for the release of the vessel will be made and an event marking the agreement will be held at the Authority's headquarters in Ismailia in due course," Faz Peermohamed of Stann Marine said in a statement.