Suez Canal authorities announced Wednesday the release of a hulking shipping vessel that blocked the crucial east-west waterway for nearly a week earlier this year.
The Ever Given was seen leaving the Suez Canal after its Japanese owner, Shoei Kisen Kaisha Ltd., reached a settlement with the canal authorities over a compensation amount after more than three months of negotiations and a court standoff.
The settlement deal was signed in a ceremony Wednesday in the Suez Canal city of Ismailia, after which the vessel was seen sailing to the Mediterranean.
The Suez Canal Authority did not reveal details on the terms of the settlement. At first, the Suez Canal Authority had demanded $916 million in compensation, which was later lowered to $550 million. In addition to the money, local reports said the canal would also receive a tugboat.
The Ever Given was on its way to the Dutch port of Rotterdam on March 23 when it slammed into the bank of a single-lane stretch of the canal about 6 kilometers (3.7 miles) north of the southern entrance, near the city of Suez. It was blocking the crucial waterway for six days. It has been since held amid a dispute over financial compensation.
The Ever Given was seen leaving the Suez Canal after its Japanese owner, Shoei Kisen Kaisha Ltd., reached a settlement with the canal authorities over a compensation amount after more than three months of negotiations and a court standoff.
The settlement deal was signed in a ceremony Wednesday in the Suez Canal city of Ismailia, after which the vessel was seen sailing to the Mediterranean.
The Suez Canal Authority did not reveal details on the terms of the settlement. At first, the Suez Canal Authority had demanded $916 million in compensation, which was later lowered to $550 million. In addition to the money, local reports said the canal would also receive a tugboat.
The Ever Given was on its way to the Dutch port of Rotterdam on March 23 when it slammed into the bank of a single-lane stretch of the canal about 6 kilometers (3.7 miles) north of the southern entrance, near the city of Suez. It was blocking the crucial waterway for six days. It has been since held amid a dispute over financial compensation.
