Egypt to release 'Ever Given' on Wednesday

The ship was confiscated by Egyptian authorities after blocking the vital waterway for six days

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  The 'Ever Given' container ship blocked the Suez Canal for six days. Reuters

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  The ship became grounded during high winds. Airbus Space

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  The incident cost the Suez Canal Authority up to $15 million in revenue. Airbus Space

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  Left, the canal on March 21; right, traffic waits to enter the canal on March 25. Reuters

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  Vessels wait to pass through the canal after the 'Ever Given' ran aground. Airbus Space

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  The incident caused a queue of vessels at the mouth of the canal. Airbus Space

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  It took six days to free the 'Ever Given'. Research Institute of China Electronics Technology Group Corporation

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  An image captured by the European Space Agency Copernicus Sentinel-2 satellite shows the canal during the blockage. Reuters

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  The 200,000-tonne cargo ship caused damage to the vital waterway. Reuters

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  Egypt initially claimed $900m in compensation over the incident. Reuters

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  An image captured from a commercial plane shows traffic waiting to travel through the canal. AFP

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  The 'Ever Given' will be released by the Egyptian authorities on Wednesday. AFP

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  The 'Ever given' was stuck for six days and caused damage to the canal. AFP

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  The blockage cost the canal authority millions of dollars because cargo ships were unable to pass. AFP

The Ever Given container ship that blocked the Suez Canal for six days will be released by Egyptian authorities on Wednesday after a compensation settlement was reached.

Court hearings over the damage the ship caused had been delayed to allow the ship's Japanese owners, Shoei Kisen Kaisha, to reach a deal with the Suez Canal Authority.

The authority said on Sunday that a ceremony would be held to mark the signing of the deal and "departure of the ship".

The 200,000-tonne ship became grounded during high winds on March 23, blocking the vital trade route for six days.

It was eventually freed by an excavator digging out the bow, dredgers digging underneath and tug boats pulling and pushing the huge ship

The accident and salvage efforts caused considerable damage, and the authority lost between $12 million and $15m in revenue because traffic was unable to pass through the waterway.

About 10 per cent of world trade flows through the canal. Last year, over 19,000 vessels passed through it, according to Suez Canal Authority figures.

Egypt initially sought $900m in compensation, but it that claim was reduced to $550m.

The 400-metre-long ship is carrying some $3.5 billion in cargo.

The final settlement amount is unknown and last week authority chief Admiral Osama Rabie said Egypt had signed a non-disclosure agreement with Shoei Kisen Kaisha.

"Preparations for the release of the vessel will be made and an event marking the agreement will be held at the authority's headquarters in Ismailia in due course," said Faz Peermohamed of Stann Marine, which represents Shoei Kisen Kaisha and its insurers.

Agencies contributed to this report