Egyptian authorities had seized the 200,000-tonne MV Ever Given in April and lodged a claim in a local court demanding US$916 million from its owner Shoei Kisen Kaisha in compensation for the ship’s release.

But Suez Canal Authority (SCA) head Osama Rabie said the claim had been dropped to US$550 million in a televised interview with talk show host Amr Adib late yesterday.

“After the owners of the ship estimated the costs of the cargo loaded to be around US$775 million, we respected this and reduced the (compensation) claim to US$550 million,” he said.

The Ever Given became diagonally stuck in the narrow but crucial global trade artery in a sandstorm on March 23, triggering a mammoth six-day long effort by Egyptian personnel and international salvage specialists to dislodge it.

The waterway connects the Red Sea and the Mediterranean Sea and is used for more than 10% of world trade.

Egypt lost between US$12 million and US$15 million in revenues for each day the canal was closed, according to SCA figures.

A court in Ismailia, where the SCA is headquartered, ruled yesterday the ongoing case against Shoei Kisen Kaisha would be moved to a more specialised court on May 29.

The SCA also announced yesterday in a statement that one of its rescue workers had died during the salvage efforts, but did not provide further details.

Earlier this month, President Abdel Fattah al-Sisi approved massive expansion of the canal to avoid future blockages.