Ever Given have made a new offer for the Suez Canal Authority (SCA) in compensation for blocking the canal back in March for six days, blocking hundreds of ships and disrupting global trade.
A court ruling on the case was postponed on Sunday for two weeks to allow more time for negotiations.
SCA demanded $916 million in compensation to cover rescue efforts, reputational damage and lost revenue, before publicly lowering the request to $550 million.
The Japanese owners of the ship Shoei Kisen and its insurance companies disputed this claim and the ship was detained under an Egyptian court order.
"Over the course of more than 15 days and in extended, long, arduous but positive business sessions, negotiations are going on," said Stann Marine, Ever Given representer.
"During the negotiations, we submitted a proposal that we believe meets all the requirements of the SCA," it said in a statement, adding that details would be kept confidential.
The head of the Securities and Commodities Authority had previously said that Shoei Kisen had offered to pay $150 million.
A court ruling was due on Sunday, but the company said it had asked for the hearing to be postponed until July 4 to allow for a settlement.
Follow the latest news on Google News
