The infamous container ship the Ever Given, which was stuck in the Suez Canal for six days in late March, has finally set sail for Rotterdam.
The Suez Canal Authority (SCA), the ship’s owners and insurers, finally reached an agreement in respect of compensation payments.
The SCA has been seeking compensation for the cost of the salvage operation, damage to the canal's banks and other losses. The SCA initially asked for $916m compensation, including a $300m salvage bonus and $300m for reputational damage. UK Club, which insured the ship, rejected the claim.
The SCA reduced its demands to $550m (£397m) and the settlement (which has not been publicly announced) was signed today to coincide with the ship's release.
The blockage to the Suez Canal has had a huge impact on global trade. Lloyds List has compiled data which suggests the blockage held up around $9.6 billion worth of cargo each day it was stuck.
The backlog from the ship's delay has led to a leap in shipping rates and sent the cost of containers soaring to approximately $15,000.
The ship had been impounded for three months near the canal city of Ismailia after being freed from the Canal. At 9.30 GMT, the ship departed Ismailia heading towards the Mediterranean and ultimately the port of Rotterdam. The ship is now expected to arrive in Rotterdam on July 29.
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