Ever Given Container Ship Exits Suez Canal After Three Month Ordeal

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by Tyler Durden
Wednesday, Jul 07, 2021 - 03:33 PM

Update (1133ET): Three months after the Ever Given ran aground and blocked traffic in the Suez Canal for nearly a week. The quarter-mile-long container ship has finally exited the northern segment of the canal into the Mediterranean Sea. 

We explained earlier that the vessel's owners and insurers finalized a compensation payment with the Suez Canal Authority for clogging up one of the world's most important trade arteries for five days. 

Refinitiv marine traffic data shows the container ship has exited the canal around 1133ET. 

Marine traffic data shows the containership is headed for Port Said at the northern end of the Suez Canal, on the Mediterranean Sea

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The 1300-foot Ever Given container ship is currently underway, traversing the northern section of the Suez Canal, after spending months in the Great Bitter Lake as owners and insurers and Suez Canal Authority (SCA) officials hammered out a compensation deal for the vessel's canal disruption in late March. 

We reported Tuesday that owners and insurers and SCA authorities reached a deal after last month's "agreement in principle" following the container ship's six-day blockage of the canal. WSJ reports the agreement was signed at SCA's headquarters in Ismailia early Wednesday, allowing the vessel to continue its journey. 

Refinitiv marine traffic data shows Ever Given has exited Great Bitter Lake moments ago and is moving north at 9.20 knots in the last stretch of the northern part of the canal. 

After the vessel was dislodged in late March, SCA initially demanded nearly $1 billion from the ship's Japanese owners for lost revenue and the cost of salvaging it. But the amount was later publicly lowered to $550 million. According to WSJ sources, in a preliminary deal last month, owners and insurers of the Ever Given and the SCA called for approximately $200 million in compensation. 

Still, there are no exact details about the settlement figures.