The Suez Canal Authority and the owner of the Changci cargo ship reached a principled settlement agreement

According to a report on the Egyptian Pyramid Online website on June 23, the British P&I Club, which is responsible for the P&I insurance of the "Long Ci", issued a statement stating that the owner of the "Long Ci" has reached an agreement in principle with the Suez Canal Authority. At present, the British P&I Club is working with shipowners and other insurance companies to cooperate with the Suez Canal Authority to implement the signed settlement agreement as soon as possible, and arrange the release of the "Longci" freighter after completing the relevant procedures.

The "Longci" flying the Panamanian flag ran aground on the Suez Canal on March 23, causing a blockage of the navigation channel. After several consecutive days of rescue, the stranded freighter successfully lifted off on March 29. As the shipowner did not pay the compensation requested by Egypt, Egypt formally detained the freighter, and the freighter is still staying in the berth on the Suez Canal. 

(Source: CCTV News Author: Liu Bingqing)