Agreement in Principle Reached Over Suez Canal Ship Dispute 

ISMAILIA, EGYPT - The owners and insurers of a giant cargo ship that blocked the Suez Canal in March have reached agreement in principle in a compensation dispute with the canal authority, their representative and the canal's chairman said Wednesday.

The Ever Given container ship has been anchored in a lake between two stretches of the canal since it was dislodged on March 29. It had been grounded across the canal for six days, blocking hundreds of ships and disrupting global trade. "We agreed to settle this issue in a peaceful way without going through the courts and agreed on a final settlement. The deal is being drafted and will be reviewed," Suez Canal Authority (SCA) Chairman Osama Rabie told a local Egyptian television program. Work is under way to finalize a signed settlement as soon as possible and arrangements for the release of the Ever Given vessel will be made after formalities have been dealt with, Faz Peermohamed of Stann Marine, which represents the owners and insurers, said in a statement.