Agreement initially concluded on the Suez Canal ship | Current Affairs in Trade and Economy

The never-ending container ship has been anchored since it was scrapped on March 29 after blocking the crucial waterway.

A spokesman for the owners and insurers of a giant merchant ship that blocked the Suez Canal in March said Wednesday that an agreement in principle has been reached in a compensation dispute with the canal’s authorities.

Work was underway to finalize a signed settlement agreement as soon as possible and agreements for the release of the Ever Date vessel will be made after the formalities have been dealt with, Faz Peermohamed of Stann Marine said in a statement.

The Ever Date container ship has been anchored in a lake between two sections of the canal since it was scrapped on March 29th. It had been stranded across the canal for six days, blocking hundreds of ships and disrupting world trade.

The Suez Canal Authority (SCA) has demanded $ 916 million in compensation to cover rescue efforts, reputation damage and loss of revenue before publicly lowering demand to $ 550 million.

The Japanese owners of Ever Ever, Shoei Kisen, and their insurers have disputed the claim and detention of the ship under an Egyptian court order.

On Sunday, SCA lawyer Khaled Abu Bakr told a court hearing for the ship’s detention that the ship’s owners had submitted a new compensation offer and that negotiations were continuing.

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