Speed Reads

Be free

The Ever Given has finally left the Suez Canal. What took so long?

Long after first running aground in the Suez Canal for six days in March, the massive Ever Given has finally resumed its journey, reports The Washington Post.

The giant cargo ship was anchored in the canal's Great Bitter Lake for months amid an ongoing compensation and liability dispute between the ship's owners and insurers and the Suez Canal Authority, per the Post. At long last, it was allowed to set sail after a settlement was finalized on Wednesday. 

The terms of the final agreement will be kept confidential, the Post reports, but it nonetheless appears that the parties involved are satisfied. "Today we are celebrating the end of the crisis," said Khaled Abu Bakr, an Egyptian lawyer representing the SCA. "The Ever Given is always welcome to pass through the Suez Canal in the future," he added.

The SCA had initially requested $916 million in compensation to cover costs, "including the efforts to free the boat and lost revenue." The ship's insurer reportedly rejected such a high price tag, and the demand was later reduced to $550 million, report Forbes and the Post.

The behemoth cargo ship first found itself marooned in the Suez Canal in late March, "blocking traffic along one of the world's busiest shipping lanes in both directions for nearly a week" and sparking a crisis in international trade, Forbes writes. The vessel was freed six days later. Read more at Forbes.