Formal Solution Reached over Suez Canal Blockage Compensation

Economy

Cairo, July 4 (Jiji Press)--A formal compensation agreement has been reached over the stranding of the Japanese-owned large container ship Ever Given in the Suez Canal in March, UK Club, an insurer for the vessel, said Sunday.

The amount of compensation and other details of the agreement between the Suez Canal Authority and the protection and indemnity insurer for ship have not been disclosed.

On its way to the Netherlands, the freighter, owned by Shoei Kisen Kaisha Ltd., based in Imabari, Ehime Prefecture, western Japan, ran aground in the Suez Canal on March 23 and blocked the vital waterway. It was refloated on March 29.

The Egyptian authorities later seized the ship and anchored it in the Great Bitter Lake, part of the canal.

According to the Suez Canal Authority, the Ever Given is expected to be allowed to sail out after the two sides sign an agreement document on Wednesday.

[Copyright The Jiji Press, Ltd.]

Jiji Press