Shoei Kisen Kaisha will pay the compensation in conjunction with insurance companies and the British Protection and Insurance Club (UK P&I Club), according to the sources.
The Suez Canal Authority was originally seeking $916.5 million from the Japanese company, which was trying to reduce the amount to $500 million or less, they said.
The agreement includes 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 any harassment in the future, the sources said.
The 220,000-ton Ever Given, one of the largest container ships in the world, has been anchored in a lake between two stretches of the canal since it was dislodged on March 29.
None of its $100 million of cargo has been allowed to leave the ship during the legal process. Many of the goods, including lemons and tofu, will have perished by the time they arrive at their destination, while other items, such as swimwear and camping equipment, may not get into stores until after the northern hemisphere summer.
The agreement includes clauses that the Suez Canal Authority will not file a complaint against Shoei Kisen Kaisha in the future.
Egypt has signed a preliminary agreement with the company that owns the Ever Given, the ship that closed the Suez Canal in March, for $540 million in compensation, Al Arabiya reported citing unnamed sources.
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