The Suez Canal blockage dispute is nearing resolution, after the owners and insurers of the ship that became lodged and clogged the vital Egyptian passageway in March announced on Wednesday that they had reached an understanding with canal authorities over compensation.
“We are now working to finalize a signed settlement agreement as soon as possible,” the law firm representing the Japanese owner of the 400-meter-long Ever Given, still detained by Cairo, said.
The vessel’s six days of grounding in the lone marine corridor between the Indian Ocean and the Mediterranean Sea temporarily decimated global trade, claimed the life of one local rescue worker and led Egypt to demand nearly a billion dollars in reparations.
The request has since been cut by nearly half, while the ship’s owners have gradually increased their damages offer from an initial sum of $150 million. No final agreed-upon figure has been published.