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Release Pending for 'Ever Given' The massive container ship has been held in Egypt since it blocked the Suez Canal.

By Euni Han

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Mahmoud Khaled | Stringer | Getty Images

A representative for the owners and insurers of the massive cargo ship, Ever Given, says an "agreement in principle" has been reached with the Suez Canal Authority (SCA), CNN reports.

In a statement, director Faz Peermohamed of Stann Marine, says the two sides are securing the last details of the pact following weeks of discussions.

"We are now working with the SCA to finalize a signed settlement agreement as soon as possible. Once the formalities have been dealt with, arrangements for the release of the vessel will be made."

Acting lawyer for the SCA and head of the negotiating committee, Khaled Abu Bakr, confirmed the status.

In March, the quarter-mile-long vessel made headlines when it blocked the Suez Canal for six days.

Related: Large Container Ship Finally Freed From Suez Canal

After the ship was dislodged, the Suez Canal Authority filed a $900 million compensation claim against the ship's owner, Japan's Shoei Kisen Kaisha or Evergreen, seeking compensation for damages. Egypt's government then impounded the ship along with its 18,300 containers of cargo, worth hundreds of millions of dollars.

Even after Ever Given is released, the ship may not sail right away.

Related: What Can Warehouses Now Do to Minimize Suez Canal Damage

Clyde & Co. partner Jai Sharma says "It might need some repairs or it may be permitted to sail slowly."

Sharma says the ship will most likely head to Rotterdam, it's next scheduled destination --- a voyage that could take up to three weeks.

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