The Ever Given container ship has been at anchor since it was evicted after blocking a key waterway on March 29.

The owner of a giant cargo ship that blocked the Suez Canal in March and a representative of an insurance company said on Wednesday that an agreement had been reached in principle in a compensation dispute with the canal authority.

Faz Peermohamed of Stann Marine said in a statement that it is working hard to finalize the signed settlement agreement as soon as possible and arrange for the release of the Ever Given ship after the formalities have been processed.

Since being expelled on March 29, the Ever Given container ship has been moored in the lake between the two sections of the canal. It has been stranded on the canal for six days, blocking hundreds of ships and disrupting global trade.

The Suez Canal Authority (SCA) asked for compensation of US$916 million to compensate for salvage work, reputational damage and loss of income, and then publicly reduced the request to US$550 million.

Shoei Kisen, the Japanese shipowner of Ever Given, and his insurance company challenged the claim and the detention of the ship in accordance with an Egyptian court order.

SCA lawyer Khaled Abu Bakr (Khaled Abu Bakr) said at a court hearing on the ship’s seizure on Sunday that the ship’s owner has proposed a new compensation proposal and negotiations are continuing.