A formal settlement has been reached and the Suez Canal Authority said the container ship Ever Given would be allowed to sail again.
Egyptian officials announced the release of the Ever Given after a compensation settlement deal was signed by the ship's Japanese owner, Shoei Kisen Kaisha Ltd., and Suez Canal authorities, The Associated Press said.
The 224,000-ton ship left the canal's Great Bitter Lake, where it had been held for more than three months in the wake of a financial dispute.
"A deal that achieved justice and prioritized both parties' interests has been reached," AP quoted Lt. Gen. Ossama Rabei, chief of the Suez Canal, as saying.
The Ever Given is still loaded with around 18,300 containers and was escorted along the canal by two tugboats. Terms of the settlement were not disclosed but the Egyptian government had demanded $550 million.
Shoei Kisen said the Ever Given would undergo a dive survey in Egypt's Mediterranean city of Port Said, before the ship resumes its voyage to the next port where its containers will be unloaded.
An Egyptian court lifts the detention order on the #EverGiven container ship allowing for its expected release from the #Suez Canal on Wednesday, a lawyer and judicial sources have said. https://t.co/HC1JVSUIyt - Al Arabiya English (@AlArabiya_Eng) July 6, 2021
"It ended a crisis that lasted for more than three months," Rabei said.
To refloat the ship, around 30,000 cubic meters of sand was dredged to help free the vessel. Eleven harbor tugs and two large seagoing tugs were used for the release.
One person died during the operation, according to DredgingToday.com.
Egyptian authorities had initially demanded $916 million in compensation, which was later reduced to $550 million.
In addition to the money, local reports said the canal would also receive a new tugboat.
Yukito Higaki of Imabari Shipbuilding said the company would continue to be "a regular and loyal customer" of the Suez Canal Authority, BBC said.
