The <i>Ever Given</i> container ship that blocked the Suez Canal for six days will be released by Egyptian authorities on Wednesday after a compensation settlement was reached. Court hearings over the damage the ship caused had been delayed to allow the ship's Japanese owners, Shoei Kisen Kaisha, to reach a deal with the Suez Canal Authority. The authority said on Sunday that a ceremony would be held to mark the signing of the deal and "departure of the ship". The 200,000-tonne ship became grounded during high winds on March 23, blocking the vital trade route for six days. It was eventually freed by an excavator digging out the bow, dredgers digging underneath and tug boats pulling and pushing the huge ship The accident and salvage efforts caused considerable damage, and the authority lost between $12 million and $15m in revenue because traffic was unable to pass through the waterway. About 10 per cent of world trade flows through the canal. Last year, over 19,000 vessels passed through it, according to Suez Canal Authority figures. Egypt initially sought $900m in compensation, but it that claim was reduced to $550m. The 400-metre-long ship is carrying some $3.5 billion in cargo. The final settlement amount is unknown and last week authority chief Admiral Osama Rabie said Egypt had signed a non-disclosure agreement with Shoei Kisen Kaisha. "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," said Faz Peermohamed of Stann Marine, which represents Shoei Kisen Kaisha and its insurers. <i>Agencies contributed to this report</i>
