SUBSCRIBE

CATEGORIES

Ever Given container ship set to leave Suez Canal

imageCommodities35 minutes ago (Jul 07, 2021 03:15AM ET)

(C) Reuters. FILE PHOTO: Ship Ever Given, one of the world’s largest container ships, is seen after it was fully floated in Suez Canal, Egypt March 29, 2021. REUTERS/Mohamed Abd El Ghany//File Photo

CAIRO (Reuters) – The container ship that blocked the Suez Canal in March and has been detained there since is due to finally resume its journey on Wednesday after the owner and insurers reached a compensation settlement with the canal authority.

One of the world’s largest container ships, the Ever Given became wedged diagonally across a single-lane stretch of the canal for six days, disrupting global trade.

The Suez Canal Authority (SCA) demanded more than $900 million in compensation for the salvage operation and other losses, later lowered to $550 million. It held the ship under court order as it pursued the claim, creating a dispute with the ship’s insurers and Japanese owner Shoei Kisen.

The ship and its Indian crew have been anchored for more than three months in the Great Bitter Lake, between two stretches of the canal.

After protracted negotiations, an undisclosed settlement between the parties was reached and the SCA announced that the ship would be released on Wednesday.

A ceremony is due to be held at the canal to mark the departure of the vessel, which is loaded with about 18,300 containers.

Canal sources said the Ever Given will be escorted by two tugboats and guided by two experienced pilots.

Ever Given container ship set to leave Suez Canal

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.