Egypt freed Ever Given, the ship that blocked the Suez Canal in March

Egyptian authorities on Wednesday announced the liberation from never given, the huge freighter that blocked the Suez Canal for nearly a week in March.

Ever Given left the prison where he was held for more than three months after the ship’s owners (Japanese company Shoei Kisen Kaisha) and canal administrators reached an economic settlement after weeks of negotiations and a legal confrontation.

Shoei Kisen Kaisha Ltd. said the ship would be inspected in Port Said, Egypt, before resuming its voyage to the next port where it will leave its cargo.

On Tuesday, an Egyptian court lifted the order to seize the vessel following notification from the Suez Canal Authority (SCA) that had reached an agreement with owners and insurers.

Officials have not disclosed details of the deal. Originally, the Suez Canal Authority requested compensation of $ 916 million That amount was then reduced to $ 550 million to cover the rescue operation, costs due to traffic shutdown and fares lost during the six days Ever Given blocked the important waterway.

SCA lawyer Khaled Abu Bakr insisted in a speech shortly before the signing on the “confidentiality” of the agreement. “I confirm that we have retained all the rights of the authority,” he said.

SCA chairman Osama Rabie said in a TV interview on Sunday that Egypt would receive, in addition to financial compensation, a tug with a capacity of 75 tonnes from the owner of Ever Given.

During Wednesday’s ceremony, Rabie announced “to the” world “that the deal had been concluded, with the Egyptian and Japanese flags behind, live on his country’s television.

An incident that paralyzed world trade

The Panamanian-flagged vessel was on its way to the Dutch port of Rotterdam on March 23 when it ran aground on a side of the canal, which had never happened in the passage’s 150-year history.

The blockade forced some ships to take the long route across the Cape of Good Hope to the southern tip of Africa, requiring additional fuel and other costs. Hundreds of other ships they waited the six days until the lockdown ended. The shutdown has raised concerns about supply shortages at the height of the coronavirus pandemic.

Egypt, which collects more than $ 5 billion a year in revenue from Suez, lost between $ 12 million and $ 15 million every day the road was closed, according to the SCA.

In fiscal year 2019/20, Egypt received $ 5.7 billion in revenue from the channel.

Authorities tried to avoid damaging the road’s reputation by the incident, highlighting Egypt’s efforts in the rescue operation.

Egyptian President Abdel Fatah al Sisi has pledged to make investments to prevent a resurgence of the crisis, and last May approved a two-year project to widen and deepen the southern part of the route, where the ship got stuck. .

About 19,000 ships crossed the canal in 2020, according to the SCA, an average of 51.5 ships per day.

With information from AP and AFP agencies