The Ever Given’s owners and insurers announced on Sunday that they had reached a settlement with the Suez Canal Authority (SCA) over compensation for the ship becoming grounded in March and blocking traffic in the waterway.

The ship has been held under court order in a lake between two stretches of the canal since it was dislodged on March 29 as the SCA pushed for compensation from its Japanese owner Shoei Kisen and its insurers.

Ahmed Ali, a lawyer representing Shoei Kisen, on Tuesday said he had been informed of the decision to lift the order.

The SCA announced that the ship will be allowed to sail on Wednesday when a ceremony will be held to mark its departure.

The 400m vessel, one of the world’s largest container ships, will be accompanied by two tugs and two senior canal guides, Suez Canal sources said.