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Ever Given Container Ship Set Free After Owners Pay Fines

Ever Given Container Ship Set Free After Owners Pay Fines

The 1300-foot Ever Given container ship is currently underway, traversing the northern section of the Suez Canal, after spending months in the Great Bitter Lake as owners and insurers and Suez Canal Authority (SCA) officials hammered out a compensation deal for the vessel’s canal disruption in late March. 

We reported Tuesday that owners and insurers and SCA authorities reached a deal after last month’s “agreement in principle” following the container ship’s six-day blockage of the canal. WSJ reports the agreement was signed at SCA’s headquarters in Ismailia early Wednesday, allowing the vessel to continue its journey. 

Refinitiv marine traffic shows Ever Given has exited Great Bitter Lake moments ago and is moving north at 9.20 knots in the last stretch of the northern part of the canal. 

After the vessel was dislodged in late March, SCA initially demanded nearly $1 billion from the ship’s Japanese owners for lost revenue and the cost of salvaging it. But the amount was later publicly lowered to $550 million. According to WSJ sources, in a preliminary deal last month, owners and insurers of the Ever Given and the SCA called for approximately $200 million in compensation. 

Still, there are no exact details about the settlement figures. 

Tyler Durden
Wed, 07/07/2021 – 07:40

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