Reports say the UK P&I Club has reached an acceptable deal in principle that will lead to the release of the 20,000-TEU capacity container ship, EVER GIVEN (IMO: 9811000), which was grounded in the canal in March this year, released six days later but not before over 400 other ships were held up, and then detained by Egypt’s Suez Canal Authority.
The agreement in principle follows extensive and protracted discussions between the insurers and the SCA’s negotiating committee.
The Imabari 20000 design ship has been detained in the Great Bitter Lake since being refloated almost three months ago.
“Together with the owner and the ship’s other insurers we are now working with the SCA to finalise a signed settlement agreement as soon as possible,” the club is quoted as saying.
It added that once the formalities have been dealt with, arrangements for the release of the vessel will be made.
The SCA originally claimed compensation of US$900 million ahead of the release of the ship, which included $300 million in lieu of salvage costs and another $300 million for ‘loss of reputation’ by the authority.
This amount was later cut to $600 million with the ship being allowed to sail provided a payment of security of $200 million was first paid.
Details of the agreement in principle that is now being reported have not been disclosed.