Settlement Is Reached Over Stuck Ship That Blocked Suez Canal in Egypt

06/23/2021

|

Vivian Yee | NY Times

The owner and insurers of the enormous container ship that blocked the Suez Canal for six days in March and disrupted global shipping have reached a settlement with the Egyptian authorities, one of the insurers said on Wednesday. The insurer’s statement did not specify the amount, but said that once the settlement was formalized, the ship — after nearly three months of haggling, finger-pointing and court hearings — would finally complete its journey through the canal.

“Following extensive discussions with the Suez Canal Authority’s negotiating committee over the past few weeks, an agreement in principle between the parties has been reached,” said a statement from the insurer UK P & I Club. “Together with the owner and the ship’s other insurers we are now working with the S.C.A. to finalize a signed settlement agreement as soon as possible.”

A spokesman for the UK Club said it would not be releasing further details. The Suez Canal Authority had not commented on the deal by Wednesday afternoon. Since the ship was freed in a huge salvage effort in March, about six days after running aground across the Suez, the canal authority had been locked in an often acrimonious standoff with the ship’s owner and operators over what the authority said it was owed for the incident.

To read the rest of this article, please visit here