Earlier this year, the owner of a container ship blocked for six days in the Suez Canal reached an agreement with the Egyptian authorities, which will lead to the release of the ship.

The British P&I Club, a mutual insurer involved in the talks, said on Wednesday that “an agreement in principle has been reached on the compensation deal between the Suez Canal Authority (SCA) and the Japanese owner of Ever Given”. The value of the calculation was not disclosed.

“We are now working with SCA to finalize the settlement agreement as soon as possible,” said Faz Permohamd, director of Stann Marine, a law firm representing the owners and insurers of the 400-meter-long vessel.

“Once the incidents are resolved, measures will be taken to release the ship,” he added.

The 220,000-ton ship remained in the global trade pulse for the last six days of March, causing serious weekly concern to global shipping networks.

Egypt has been holding the ship for almost three months since the incident. Authorities initially demanded up to $ 900 million in compensation for the loss of transit fees due to closure and rescue costs, as well as damage to infrastructure and reputation.

Ship owner Shoei Kisen Kaisha and its insurers initially offered $ 150 million, while SCA reduced its claims to $ 600m. At the time of the incident, Refinitiv, a data provider, estimated that lost transit fees were less than $ 100 million.

The calculation will alleviate the owner գտնվող on board the ship, whose maritime service providers said their cargo could not be recovered soon և rearrange the goods they requested.

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