Ship that blocked Suez Canal set free after settlement agreement
ABC News
Owners of the Ever Given, the ship that blocked the Suez Canal for six days, have reached a settlement with the waterway's authority.
A giant container ship that blocked traffic in Suez Canal for six days earlier this year was finally set free on Wednesday after its owners and insurers reached a settlement agreement with the vital waterway's authority. The agreement was signed in the coastal Egyptian city of Ismailia, with Ever Given -- the skyscraper-sized vessel -- sailing for the first time since it was dislodged on March 29, having brought global maritime trade to a standstill after being stranded near the southern end of the canal for nearly a week. The terms of the deal, which came after more than three months of legal wrangling, were not disclosed by either side. Egypt had initially demanded $916 million in compensation, which was deemed excessive by the vessel's Japanese owner. The figure was later lowered to $550 million, with an Egyptian economic court ordering the seizure of the ship until a settlement was reached.More Related News