At first, the Suez Canal Authority demanded $916 million in compensation, which was later lowered to $550 million

The Suez Canal Authority on Sunday said it has reached an agreement to settle a financial dispute with the owners of a hulking container ship that blocked the crucial waterway for nearly a week earlier this year.

The authority did not reveal details on the settlement deal with the Shoei Kisen Kaisha Ltd., the Japanese owner of the Ever Given. It said the deal will be singed in a ceremony in the Suez Canal city of Ismailia on Wednesday.

The vessel would be also freed Wednesday, it said. Read more at Fox Business.