Mubadala is investing 400 million US dollars in African private equity with French investment bank

CAIRO: Egypt has signed a preliminary contract with the company that owns Ever Given, the ship that closed the Suez Canal in March, for $ 540 million in compensation, Al Arabiya reported, citing unnamed sources.

Shoei Kisen Kaisha will, according to the sources, pay the compensation in cooperation with insurance companies and the British Protection and Insurance Club (UK P&I Club).

The Suez Canal Authority originally requested $ 916.5 million from the Japanese company, which wanted to reduce the amount to $ 500 million or less.

The agreement contains clauses that the Suez Canal Authority will not file a complaint against Shoei Kisen Kaisha in the future. The authority will also ensure that it will not be subjected to harassment in the future, the sources said.

Ever Given, one of the largest container ships in the world, weighs 220,000 tons and has been lying in a lake between two sections of the canal since it was laid on March 29.

None of his $ 100 million cargo was allowed to leave the ship during the trial. Many of the goods, including lemons and tofu, will be spoiled upon arrival at their destination, while other items such as swimwear and camping gear may not hit stores until after the Northern Hemisphere summer.

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