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UK P&I Club and other insurers are close to an agreement with the Suez Canal Authority (SCA) for compensation following the stranding of the Ever Given in March this year, reports London's The Loadstar.
As a result of negotiations with the SCA, the parties involved asked the Egyptian court to postpone the next hearing to July 4 in order to complete deliberations.
The UK P&I said: "During the negotiations a proposal was submitted that we believe satisfies all the requirements of the SCA.
"Accordingly, the owner and its insurers requested and confirmed to the Ismailia Economic Court of First Instance in last Sunday's hearing their clear desire to adjourn the hearing in order to take the necessary time to reach a final and amicable solution that satisfies all parties."
The announcement came five days after the insurers had issued a statement confirming they were in "serious and constructive" negotiations with the SCA over the Ever Given incident.
While the level of compensation has not been disclosed, it will likely be higher than the original US$150 million offered by the UK P&I Club and lower than the $600 million demanded by the SCA. One expert had estimated approximate costs for the removal of the vessel at close to $200 million.
The 20,388 TEU Ever Given ran aground at the southern end of the Suez Canal on March 23, blocking the waterway for six days. There was no loss of cargo or any pollution as a consequence, but around 400 vessels were delayed.
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