An elevator includes at least one elevator car and a counterweight which are at least partly suspended on hoisting ropes and a drive machine driving a traction sheave engaging the hoisting ropes for moving the elevator car along guide rails in an elevator shaft, which elevator further includes a compensation rope. The compensation rope is led upwards to an upper part of the elevator shaft and from there aside to a balancing area located aside of the travel paths of the car and counterweight. This solution is particularly adapted for high travel elevators facing horizontal forces during operation as e.g. ship elevators. Collision of compensation ropes are avoided in the area below the car and counterweight paths which could affect the elevator safety when subjected to high horizontal forces, e.g. during rough sea.