Lawyer Faz Peermohamed, a representative of the owners of the Ever Given container ship, the world's largest container ship that blocked the Suez Canal earlier this year, announced Sunday that a formal settlement has been reached with the Egyptian Suez Canal Authority.

He said, “Preparations for the release of the vessel will be made," adding that a ceremony will be held in the Authority's headquarters in Ismailia ‘in due course.’

Previously, and according to Reuters, the lawyer and several insurance companies announced that they have practically reached an agreement with the Suez Canal Authority regarding the dispute.

In a statement, Faz Peermohamed of Stann Marine said that work is underway to finalize a signed settlement agreement as soon as possible, and arrangements will be made for the vessel's release after dealing with the formalities.

International lawyer Khaled Abu Bakr, adviser to Lieutenant General Osama Rabie, head of the Suez Canal Authority, in the case of Ever Given, revealed new developments regarding compensation.

He said that the Suez Canal received a 'satisfactory' compensation deal from the ship's owners. He said, "We agreed to settle this issue in a peaceful way without going through the courts and agreed on a final settlement. The deal is being drafted and will be reviewed." The ship's owners' defense requested an appropriate period to end the case peacefully.

In May, the commissioner-general of the investigations into the grounding of the Panamanian container ship Mr. Shuaishi', said investigations had showed that the ship had been mis-steered.

He added during a press conference organized by the Suez Canal Authority Sunday, that "the responsibility for the accident lies entirely with the captain of the ship, not the authority's instructors, as their opinion is considered indicative and non-binding."