Lawyers representing the Ever Given’s owner and ins. company have reached an agreement in principle with the Suez Canal Authority (SCA) over compensation claims, Al Masry Al Youm reports. The ship’s ins. provider, UK P&I Club, said earlier this month that it was engaged in “serious and constructive negotiations” with the SCA, and hoped a resolution was on the horizon, while the SCA said earlier this week that it had received a “suitable” compensation offer from Shoei Kisen, the owners of the Ever Given, for the six-day blockage of the canal in March. The SCA did not disclose a figure at the time.

An imminent release of the ship and its crew? The mega vessel will be released from Egypt as soon as official procedures are complete, the lawyer added. The ship, as well as its 18k containers and 26 member crew had been held in the Great Bitter Lake pending negotiations since March, with a small number of crew members whose contracts had expired being allowed to disembark in April.

What’s the latest offer on the table? The SCA has earlier slashed its demands to USD 550 mn from USD 916 mn, but the ins. companies were reportedly only willing to only pay out USD 150 mn.

We’re awaiting a potential ruling on the compensation case on 4 July: The Ismailia Economic Court had postponed its hearing to early next month based on the request of representatives of both sides, who wanted more time to reach a settlement agreement.