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    Suez Canal Releases Massive Cargo Ship After Settlement Deal

    The Ever Given cargo ship is finally on the move after being held for over three months over financial disputes. Authorities in Egypt announced Wednesday that the vessel blocking the Suez Canal is released. The ship left the canal’s Great Bitter Lake, where it was stagnant for several months. 

    The ship’s release comes after its owner, Shoei Kisen Kaisha Ltd., negotiated a settlement with the canal’s authorities. It was over a compensation amount for the weeks of negotiations and a court standoff. The deal was signed in the city of Ismailia on Wednesday after the cargo ship could be seen sailing to the Mediterranean Sea.

    The vessel will have to undergo a dive survey in Egypt’s Mediterranean city of Port Said. After it can resume its trip to the next port where it will drop off its cargo. Officials did not release any information on the deal, however, initially, authorities demanded $916 million. That number was eventually lowered to $550 million and local reports said the canal will also receive a tugboat.

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