Egypt and the insurers of the Ever Given – the ship that blocked the Suez Canal earlier this year – have reached an agreement, which will allow the container to leave the country.
The blockage, back in March, disrupted global trade as the 400m long ship prevented hundreds of ships from passing the 193km water way, which connects the Mediterranean sea to the Red Sea, providing the shortest link between Asia and Europe.
The Ever Given ship became trapped after trying to travel amid high winds and needed a flotilla of tug boats and dredging vessels in an attempt to salvage it six days later, causing the death of one person.
Terms of the deal
Neither the SCA (Suez Canal Association) or UK Club have disclosed details of the deal. The SCA had originally demanded $916m, a $300m salvage bonus and $300m for reputational damage. UK Club refused to pay as they saw this as “extraordinarily large.”
Uk club also put out a statement saying:
“Preparations for the release of the vessel will be made and an event marking the agreement will be held at the authority’s headquarters in Ismailia in due course.” .
The SCA also stated the event will be open to the public to watch the ship leave the canal.