Deal reached on release of Ever Given

The insurer of Ever Given said an agreement in principle has been reached to release the ship from the Suez Canal.

The UK P&I Club said the deal followed extensive discussions with the Suez Canal Authority’s negotiating committee in recent weeks.

“Together with the owner and the ship’s other insurers we are now working with the SCA to finalise a signed settlement agreement as soon as possible,” the club said.

“Once the formalities have been dealt with, arrangements for the release of the vessel will be made.”

Legal proceedings were earlier adjourned in anticipation of a breakthrough.

The 20,000 teu boxship (IMO: 9811000) remains in the Great Bitter Lake nearly three months after its grounding caused a six-day shutdown of the key waterway.

The SCA had lodged an initial demand for more than $900m in compensation, including $300m for a “salvage bonus” and a further $300m for “loss of reputation”.

It later cut the claim to around $600m and indicated it would allow Ever Given to proceed on payment of security in the order of $200m.