Ever Given to Pass From Bitter Lake to Port Said After Settling Compensation Claims

The detained container ship "Ever Given" was declared ready for passage from the Great Bitter Lake to Port Said before departing for Rotterdam amid compensation discussions.

The ship has been in the Bitter Lake since it was released on March 29, after it was stranded in the canal for six days, impeding global trade.

The Suez Canal Authority said on Wednesday that the negotiations aimed at reaching an agreement "may take some time."

UK Club, one of its insurers, said the authority has filed a $916 million compensation lawsuit against the Japanese shipowner "Shoei Kisen". The authority also obtained a court order to detain the vessel as discussions about compensation continue.

“The SCA’s decision to arrest the vessel is extremely disappointing.” Bernhard Schulte Shipmanagement CEO Ian Beveridge said in the statement: “From the outset, BSM and the crew on board have cooperated fully with all authorities.”

"The primary objective of BSM is to quickly resolve this issue that will allow the ship and crew to leave the Suez Canal."

Meanwhile, analysts believe that the ship will have to pay compensation for disruptions on the world's most vital trade route, as the pilot did not follow the instructions nor the speed required in the canal.

The data showed that the authority lost $ 15 million in revenue every day, after the stranded ship blocked more than 321 vessels outside the canal for nearly a week. The authority also spend a huge amount of money on the release process.