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Egypt expects to finalize an agreement next week for compensation over the giant ship that blocked the Suez Canal in March, according to the waterway’s top official.

The Suez Canal Authority will sign a deal with the owners and insurers of the Ever Given vessel around the middle of next week, SCA Chairman Osama Rabie said to local television late Wednesday. Egypt had initially sought over $900 million—a figure that was subsequently amended to $550 million. Japan’s Shoei Kisen Kaisha Ltd., the owner, and the ship’s insurers initially offered $150 million.

The SCA’s compensation claim covered the loss of transit fees, damage to the waterway during the salvage efforts, and the cost of equipment and labor.

Source: AJOT