A ceremony is underway in Egypt this morning to mark an agreement on compensation for the Ever Given fiasco, with the giant boxship having raised its anchor, ready to head north and leave the country where it has been in since a transit of the Suez Canal went badly wrong on March 23.

The ship was responsible for this year’s most high profile accident when it became lodged across the canal in high winds for six days at the end of March. Egyptian authorities and the Japanese shipowner have been negotiating a compensation package for its release ever since with the Suez Canal Authority (SCA) initially demanding $916m, something it has since scaled back.

No details have been revealed on the size of the compensation package thrashed out between the SCA and the ship’s Japanese owner, Shoei Kisen, with the Wall Street Journal suggesting earlier the figure stood at $200m.

The giant ship, with more than 18,000 containers onboard, will likely make for its original next port of call, Rotterdam, having undergone inspections at Port Said where it is scheduled to arrive this evening.

General average was declared on the ship months ago meaning customers will have to put up security to receive their cargo, with insurance executives warning at a webinar last week that the Ever Given will likely be the largest general average casualty in history.