SHIP leasing company Shoei Kisen has reached a US$550 million settlement
over the six-day Suez Canal blockage by its vessel the 20,388-TEU Ever Given,
reports Oslo's TradeWinds.

The ship finally started unloading cargo at the Port of Rotterdam. The
vessel's operator, Evergreen Marine, will also transship containers to Hamburg
on the 5,652-TEU Ever Utile.

The Ever Given's next port of call will be the UK's Port of Felixstowe on
August 8.

The ship was grounded on March 23 and was refloated six days later. It
was held by the Suez Canal Authority until July 12 while it negotiated a
compensation settlement.

Evergreen said the UK High Court has now set a limit on the shipowner's
liability relating to damage to property from the Suez Canal grounding.

The vessel's Japanese owners, Higaki Sangyo and Luster Marine have now
established a limitation fund amounting to $117 million.