Egyptian court allows release of ship blocking Suez Canal :: Dienas Bizness

An Egyptian court on Tuesday allowed the release of the container ship Ever Given, which was arrested for blocking the Suez Canal.

The court upheld the Suez Canal administration’s request to lift the Ever Given arrest, al-Ahram reported.

Both the management of the Suez Canal and the owner of Ever Given, the Japanese company Shoei Kisen Kaisha, said this week that an agreement had been reached in a dispute over the blocking of the Suez Canal and compensation demanded by the Egyptian authorities. Both sides also said the ship would be released on Wednesday.

The Panama-flagged 400-meter-long and 59-meter-wide ship Ever Given, operated by Taiwanese company Evergreen Marine, reportedly turned sideways and got stuck in bad weather on March 23, stopping sailing in the Suez Canal completely.

On March 29, it was successfully removed. The ship was then arrested in a lake separating the northern and southern parts of the canal.

The Egyptian authorities arrested Ever Given in April and Shoei Kisen Kaisha demanded compensation of $ 916 million, which was later reduced to $ 550 million.

The Suez Canal, excavated more than 150 years ago, is one of the world’s most important trade routes.

Last year, almost 19,000 ships traveled through the canal, carrying more than one billion tons of cargo.

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