Cairo — An Egyptian court on Tuesday lifted a three-month judicial seizure of a large ship that had blocked the Suez Canal for almost a week earlier this year, paving the way for leaving Egypt.
Following a court ruling in the city of Ismailia, Evergiven was allowed to leave the canal after a ceremony in the city of Ismailia on Wednesday.
According to judicial officials, the Suez Canal Authority has notified the court that it has reached a settlement in a financial dispute with Shoei Kisen, the Japanese owner of Evergiven, subject to regulatory anonymity.
The ship ran aground in March, blocking important waterways for six days. Since then, it has been held in the controversy over financial compensation.
The Suez Canal Authority did not disclose the details of the settlement terms. Initially, the Suez Canal Authority demanded $ 916 million in compensation, but was later reduced to $ 550 million. In addition to the money, the canal also receives tugboats, according to local reports.
The money will cover the loss of rescue operations, the cost of deadlocked canal transportation, and the weekly transportation costs of Evergiven’s blockade of the canal.
Evergiven was on his way to Rotterdam Port in the Netherlands on March 23 when he crashed into a one-lane bank of the canal about 6 km (3.7 miles) north of the south entrance near the city of Suez.
A large-scale rescue operation by a tugboat fleet, helped by the ebb and flow of the tide, released the skyscraper-sized Panama flag-raising Evergiven six days later, ending the crisis and leaving hundreds of waiting ships. Made it possible to pass through the canal.
The ship then moored on the canal’s Great Bitter Lake while the canal and shipowners were negotiating a settlement.
The blockage of the canal forced some vessels to take a long alternative route around the Cape of Good Hope at the southern tip of Africa, requiring additional fuel and other costs. Hundreds of other ships were waiting for the blockage to end.
The shutdown, which caused supply shortages and concerns about rising consumer costs, put a strain on the shipping industry, which was already under pressure from the coronavirus pandemic.