The supertanker which blocked the Suez Canal in March will be released tomorrow, after a deal was hammered out with its Japanese owners.

The vessel had been retained by Egypt since it got jammed in the canal in the spring, seeking compensation from Japanese firm Shoei Kisen Kaisha for lost canal revenues and the cost of salvaging it as well as for damage to the shipping lane that links Asia and Europe.

The 199,000-ton MV Ever Given got stuck diagonally across the canal during a sandstorm on 23 March, seizing up world trade for six days before salvage teams could dislodge it.

Tailbacks

Tailbacks totalling 420 vessels at the northern and southern entrances to the canal were cleared in early April.

The Suez Canal Authority has now said in a statement that a ceremony would be held on Wednesday to mark the signing of an agreement with the owners and "the departure of the ship".

Egypt lost between €10 million and €12.5 million in revenues for each day the waterway was closed, according to the Suez Canal Authority, Reuters has reported.

The salvage efforts also resulted in significant damage to the canal.