ISMAILIA, Egypt — The Suez Canal chief said Tuesday that authorities are negotiating a financial settlement with the owners of a massive vessel that blocked the crucial waterway for nearly a week.

Lt. Gen. Osama Rabie told The Associated Press he hoped talks with Shoei Kisen Kaisha Ltd., the Japanese owner of the skyscraper-sized Ever Given, will conclude without a lawsuit.

“We are discussing with them a peaceful resolution to the matter without resorting to the judiciary,” he said. He maintained that bringing the case before a court would be more harmful to the firm than settling with the canal’s management.

The canal chief said last week the Suez Canal Authority was expecting more than $1 billion in compensation, warning the ship would not be allowed to leave the canal if the issue of damages turns into a legal dispute. That amount takes into account the salvage operation, costs of stalled traffic and lost transit fees for the week that the Ever Given blocked the canal. He did not specify then who would be responsible for paying the compensation.

The massive cargo ship is currently in one of the canal’s holding lakes, where authorities and the ship’s managers say an investigation is ongoing.

Rabie also said Tuesday that investigators have analyzed data from the Voyage Data Recorder, also known as a vessel’s black box, but no conclusion had yet been reached on what led the Ever Given to run aground.