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Egypt announced the release of 'Ever Given' after 3 months of seizure

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AP/AP

Suez Canal

Egyptian authorities announced the release of , Ever Given, a hulking shipping vessel that had blocked the Suez Canal for nearly a week earlier this year.

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 it reached a settlement with the vessels' owners and insurers.

Officials did not reveal details on the terms of the settlement.

"An agreement has been reached that achieves justice and the interests of both parties and provides clear evidence of the Suez Canal Authority's commitment to ensuring all its partners from all over the world while fully preserving its rights. I announce the agreement that allows the opportunity to give the order to resume the ship's voyage, ending a crisis that lasted more than three months" according to Ossama Rabie, Head of the Suez Canal Authority.

The development came after its Japanese owner, Shoei Kisen Kaisha Ltd., reached a settlement with canal authorities over a compensation amount following weeks of negotiations and a court standoff.

At first, the Suez Canal Authority had demanded $916 million in compensation, which was later lowered to $550 million.

The money, according to canal authorities, would cover the salvage operation, costs of stalled canal traffic, and lost transit fees for the six days the Ever Given had blocked the crucial waterway.