Osama Rabie, Chairperson of the Suez Canal Authority (SCA), announced on Wednesday that the authority has reached a satisfactory preliminary solution for the impounded container ship, the Ever Given.
Rabie said, in televised statements, that the full details of the solution will be announced next week.
He also said that the solution is satisfactory to both parties, and includes the resolution to the issue without the need to resort to court involvement, in order to preserve the interests of all parties.
Rabie said that the SCA has been studying the issue for 12 days, in order to reach a solution to preserve Egypt’s political and economic relations with Japan.
He noted that the authority will hold a big celebration for the ship and the owner after announcing the solution.
The massive Ever Given container ship, owned by Japan’s Shoei Kisen Kaisha, ran aground last March at the 151 km mark along the Suez Canal. As vessels running in both directions could not pass, it caused the suspension of international maritime navigation through the canal for six days.
After it was freed, the ship was escorted to the Bitter Lakes for technical inspection, the interrogation of the crew, and black box analysis.
Egypt had initially asked for $916m in compensation for the damage caused by the ship’s grounding, the salvage operation, and for loss of reputation.
An economic court in Ismailia Governorate issued, on 13 April, a decision to impound the until the $916m in compensation was paid. Egypt later downgraded the compensation required to $550m.