Settlement agreed to release ship that blocked Suez Canal

FILE PHOTO: Ship Ever Given, one of the world's largest container ships, is seen after it was fully floated in Suez Canal, Egypt March 29, 2021. REUTERS/Mohamed Abd El Ghany/

ISMAILIA, Egypt (Reuters) -The owners and insurers of the Ever Given container ship that blocked the Suez Canal in March said on Sunday a formal settlement had been agreed in a compensation dispute, and the canal authority said the vessel would be allowed to sail on July 7.

The Suez Canal Authority (SCA) has held the giant ship and its crew in a lake between two stretches of the waterway since it was dislodged on March 29, amid a dispute over a demand for compensation by the SCA.