The Ever Given is finally FREE

The Ever Given Cargo vessel, Panama flagged cargo ship, with a Japanese owner Shoei Kisen Kaisha Ltd.) finally reached the deal on the price of blocking the Suez Canal with the Egyptian authorities on Wednesday.

Under the pandemic, this cargo vessel stalled at the Suez for over 3 months and is finally free to move onto its final destination with help, as a tugboat came to pull the ship out to the Mediterranean Sea. According to AP, “A deal that achieved justice and prioritized both parties’ interests has been reached,” Lt. Gen. Ossama Rabei, head of the Suez Canal said. “It ended a crisis that lasted for more than three months.”

The original price tag was $916 million in compensation but has since lowered to $550 million with a tugboat in its settlement. The compensation will cover the salvage operation, costs of stalled canal traffic, and lost transit fees for the six days the Ever Given had blocked the Suez canal. This vessel was supposed to go to the Dutch port of Rotterdam on March 23 but didn’t make it due to the ship being stuck at the canal after slammed banks of the canal about 3.7miles north of the southern entrance.

Hundreds and thousands of ships behind it were equally stalled, waiting to pass through for at least a week, while some ships turned around to take other routes, like the Cape of Good Hope at South Africa. While the Ever Given ship was stuck in the Suez, some economic crisis concerns such as supply shortage and rising prices were experienced by the global economy, which was already suffering from the pandemic.

The Ever Given cargo vessel was directed to and stayed at the Great Bitter Lake in Egypt for more than 3 months due to the pending settlement issue with Egyptian authority. It is only now that the Ever Given will continue its way home, with $550 million paid to pass through.

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