Ever Given Looks Like It Won’t Be Held Hostage Forever. The Quarter Mile Long Container Ship Could Be Free To Finish It’s Journey Soon.

FILE - In this March 30, 2021 file photo, the Ever Given, a Panama-flagged cargo ship, is anchored in Egypt's Great Bitter Lake. The owners and insurers of the Ever Given that blocked the Suez Canal for nearly a week earlier this year have reached an agreement in principle in their dispute with canal authorities, according to representatives from both sides. Neither elaborated on what the agreement would entail. (AP Photo/Mohamed El-shahed, File)

Talk about a layover. 

After three months of being basically held hostage, the Ever Given cargo ship could get back at sea and resume its journey shortly, after a deal was reached to release the ship. 

What did it cost? That we’re not sure of, though the Suez Canal Authority did file a $900 million compensation claim agains the Japanese ship owner Shoei Wisen Kaisha.  The ship was stuck, and blocked the Suez Canal for six days before it was dislodged.  The closing of the canal contributed to a global shipping crisis we’re all still in the middle of. 

After weeks of negotiations, the two sides have an “agreement in principle,” so the next step would be a signed settlement agreement. 

When that happens, the cargo ship that is a quarter-mile long will be able to head towards the U.S. with it’s precious load of goods valued at over $600 million. 

Here’s the bummer for companies like Ikea, which has tens of millions of dollars of cargo on the Ever Given, they won’t be getting their goods for weeks.  Wait, that’s actually the good news.  The really bad new is they will likely be responsible for paying a portion of the final settlement amount, thanks to maritime law conventions. That sucks. 

The itinerary for the Ever Given has it headed to Rotterdam, Denmark once it’s free to go. That is the next scheduled port, but it might be slowed down there for repairs, before finally embarking on the rest of delayed journey. 

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