Egypt seizes the Ever Given, saying its owners owe nearly $1 billion for Suez Canal traffic jam

After 3 months, the Suez Canal Authority have finally reached an agreement with the owners of the Ever Given. The terms of the agreement will not be released publicly, but apparently the Suez Canal Authority had already previously lowered the amount owed to $550 million.

CAIRO -- The Suez Canal Authority on Sunday said it has reached an agreement to settle a financial dispute with the owners....

The authority did not reveal details on the settlement deal with the Shoei Kisen Kaisha Ltd., the Japanese owner of the Ever Given. It said the deal will be signed in a ceremony in the Suez Canal city of Ismailia on Wednesday.

The vessel would be also freed Wednesday, it said.

The head of Egypt’s Suez Canal Authority, Lt. Gen. Osama Rabie, said last month the parties had agreed on a compensation amount. But he said it would not be made public as they had signed a non-disclosure agreement until the signing of the final contract.

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At first, the Suez Canal Authority demanded $916 million in compensation, which was later lowered to $550 million.

The two sides have traded blame for the vessel’s grounding, with bad weather, poor decisions on the part of canal authorities, and human and technical error all being thrown out as possible factors.

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