Suez Canal Authority, Owners of Ship That Blocked Canal Reach Settlement

The container ship Ever Given, which became lodged in the Suez Canal on March 23 and blocked the waterway for six days, will be allowed to leave Egypt on July 7 after its owners and insurers reached a settlement on Sunday in a compensation dispute with Egypt’s government-owned Suez Canal Authority (SCA). The SCA has held the Ever Given and its crew in the Great Bitter Lake, which forms part of the canal, since the ship was dislodged on March 29. The settlement will be signed in a ceremony on Wednesday. The SCA initially sought $916 million in compensation for salvage costs, reputational damage and lost revenue, later lowering its demand to $550 million. No details were released on the terms of the final settlement. SCA Chairman Osama Rabie said Sunday that, despite the Ever Given accident, canal revenue was up 8.8% in the first six months of 2021 compared to the same period last year, and reached $3 billion.