Suez Canal Says Deal Reached to Free Seized Ship

CAIRO - The Suez Canal Authority on Sunday said it has reached an agreement to settle a financial dispute with the owners of a hulking container ship that blocked the crucial waterway for nearly a week earlier this year.

The authority did not reveal details of the settlement deal with the Shoei Kisen Kaisha Ltd., the Japanese owner of the Ever Given. It said the deal will be signed in a ceremony in the Suez Canal city of Ismailia on Wednesday. The vessel would be also freed Wednesday, it said. The head of Egypt's Suez Canal Authority, Lt. Gen. Osama Rabie, said last month the parties had agreed on a compensation amount. But he said it would not be made public as they had signed a nondisclosure agreement until the signing of the final contract.