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The UK P&I Club and other insurers are close to an agreement with the Suez Canal Authority (SCA) for compensation following the stranding of the Ever Given in March this year.

As a result of negotiations with the SCA, the parties involved asked the Egyptian court to postpone the next hearing to July 4, to the completion of deliberations.

While the level of compensation has not been disclosed, it will likely be higher than the original $150 million offered by the UK P&I Club and lower than the $600 million demanded by the SCA. One expert had estimated approximate costs for the removal of the vessel at close to $200 million.

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