In late June, the involved parties reached an agreement in principle, however, the deal still had to be finalized so that the vessel could be released. Ever Given currently remains anchored in the Great Bitter Lake area, which is the widest section of the canal, with its 23-strong crew aboard.
"The UK Club is pleased to announce that, following the agreement in principle between the parties, and after further meetings with the Suez Canal Authority’s negotiating committee and numerous court hearings, good progress has been made and a formal solution has now been agreed. Preparations for the release of the vessel will be made and an event marking the agreement will be held at the Authority’s headquarters in Ismailia in due course," the insurance company said in a statement.
The 1,300-feet container ship Ever Given, operated by a Taiwanese firm, ran aground in the Suez Canal on 23 March. After days of dredging and towing efforts, it was fully refloated on 29 March, unblocking the vital trade link between Europe and Asia.
In April, an Egyptian court ruled to seize the cargo ship until the owner paid around $900 million in compensation to the SCA for salvage and maintenance expenses, as well as lost traffic fees for the six-day blockage. The vessel's owners appealed the arrest of the ship and its cargo but lost the case.