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		</div><p>Suez Canal authorities announced the release of a shipping vessel that blocked the crucial east-west waterway for nearly a week earlier this year.</p>
<p>The Ever Given is leaving the Suez Canal after its Japanese owner, Shoei Kisen Kaisha Ltd, reached a settlement with the canal authorities over a compensation amount after more than three months of negotiations and a court standoff.</p>
<p>The settlement deal was signed in a ceremony in the Suez Canal city of Ismailia, after which the vessel was seen sailing to the Mediterranean.</p>
<p>Wednesday’s release came a day after an Egyptian court lifted the judicial seizure of the vessel following the Suez Canal Authority’s notification that that it reached a settlement in its financial dispute with the vessels’ owners and insurers.</p>
<p>The vessel ran aground in March, blocking the crucial waterway for six days.</p>
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<p>It has been since held amid a dispute over financial compensation.</p>
<p>The money, according to canal authorities, would cover the salvage operation, costs of stalled canal traffic, and lost transit fees for the week the Ever Given had blocked the canal.</p>
<p>The Ever Given was on its way to the Dutch port of Rotterdam on March 23 when it slammed into the bank of a single-lane stretch of the canal about 3.7 miles north of the southern entrance, near the city of Suez.</p>
<p>A massive salvage effort by a flotilla of tugboats helped by the tides freed the skyscraper-sized, Panama-flagged Ever Given six days later, ending the crisis, and allowing hundreds of waiting ships to pass through the canal.</p>
<p>The vessel had since been held in the canal’s Great Bitter Lake while the canal and the vessel’s owners negotiated a settlement.</p>
<p>The blockage of the canal forced some ships to take the long alternate route around the Cape of Good Hope at Africa’s southern tip, requiring additional fuel and other costs.</p>
<p>Hundreds of other ships waited in place for the blockage to end.</p>
<p>The shutdown, which raised worries of supply shortages and rising costs for consumers, added strain on the shipping industry, already under pressure from the coronavirus pandemic.</p>
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