The massive container ship has been held in Egypt since it blocked the Suez Canal.
Grow Your Business,
Not Your Inbox
Stay informed and join our daily newsletter now!
2 min read
Opinions expressed by Entrepreneur contributors are their own.
In a statement, director Faz Peermohamed of Stann Marine, says the two sides are securing the last details of the pact following weeks of discussions.
“We are now working with the SCA to finalize a signed settlement agreement as soon as possible. Once the formalities have been dealt with, arrangements for the release of the vessel will be made.”
Acting lawyer for the SCA and head of the negotiating committee, Khaled Abu Bakr, confirmed the status.
In March, the quarter-mile-long vessel made headlines when it blocked the Suez Canal for six days.
After the ship was dislodged, the Suez Canal Authority filed a $900 million compensation claim against the ship’s owner, Japan’s Shoei Kisen Kaisha or Evergreen, seeking compensation for damages. Egypt’s government then impounded the ship along with its 18,300 containers of cargo, worth hundreds of millions of dollars.
Even after Ever Given is released, the ship may not sail right away.
Clyde & Co. partner Jai Sharma says “It might need some repairs or it may be permitted to sail slowly.”
Sharma says the ship will most likely head to Rotterdam, it’s next scheduled destination — a voyage that could take up to three weeks.