Stann Marine, the law firm representing the owners and insurers of the giant container ship Chang Chi, said on July 4 that it had reached a formal settlement with the Suez Canal Authority over the blockage of the canal by the ship in March and that the ship would be allowed to leave on July 7.
Reuters reported that Stann Marine director Faz Peermohamed issued a statement saying, “Preparations will be made for the release of the Ever Given and the agreement will be announced in due course at the canal authority’s headquarters in Ismailia.”
The Ever Given was stuck in the Suez Canal for six days in March, rendering hundreds of ships impassable and disrupting global trade. The cargo ship has been moored in a lake between two sections of the canal since it was freed on March 29.
The Suez Canal Authority originally demanded $916 million for extrication costs, reputational damage and loss of revenue before it would release the long-hauler; it later publicly reduced the claim to $550 million.