Ever Given will sail again!

Peterson    Aug 16, 2021

On July 4, local time, the owner of the ship 'Ever Given' and the insurance company responsible for the protection and indemnity of the insurance company said that with the Suez Canal Authority to mediate the conflict and the 'Ever Given' cargo ship compensation issues. The ship was cleared to sail again on July 7. The owner of the ship 'Ever Given' reached a basic agreement with the Suez Canal Authority, the insurance company said. But the process of releasing ships can only begin once the agreement has been formalised. A heavy cargo ship stranded in the Suez Canal has been freed, and traffic in the canal will resume gradually. Satellite images show a heavy cargo ship fully afloat. The Suez Canal Authority also said the settlement contract will be signed at a ceremony on Tuesday, where participants will be able to see the ship leave. The ship's owner and insurance company said in a statement that they would be ready to release the ship. The Ever Given has reportedly been moored in the lake between two sections of the Suez Canal since March 29, when it broke shallow. On March 23, the 400-meter-Ever Given ran aground and blocked the Suez Canal for several days, causing two-way traffic to stop. The Suez Canal Authority had originally sought $916 million in compensation from the ship's owners for lost salvage work, reputation and revenue. The agency later publicly reduced its claim to $550 million. The owner of the Ever Given and its insurance company disagreed with the amount, leading the Suez Canal Authority to apply to an economic court to detain the ship. The application was granted in mid-April and the Ever Given has been held ever since. The Evergreen Marine Company appealed against the 'arrest' judgment. However, the court has delayed sentencing several times to allow the parties to reach an 'amicable settlement'. Earlier on July 4, an Egyptian court postponed until July 11 a hearing on the dispute over compensation for the ship Ever Given, which ran aground, so that the two sides 'can finally reach a solution,' according to court sources and a lawyer. The Wall Street Journal reported in June, citing people familiar with the matter, that the initial settlement had been reduced to about $200 million.