Egypt Won’t Release Massive Ship Stuck In Suez Canal Until Its Owners Pays $1 Billion In Compensation

Egypt won’t release the massive container ship stuck in Suez Canal for 6-days until its owners pays $1 billion in compensation.

Part of the money will cover revenue losses at the canal, cost of the equipment and machinery used to clear the way.

It will also go into damages done to the canal by dredging and compensation to 800 who worked to free the ship.

Egypt lost transit fees worth $95 million because of the six-day blockage.

Egypt is seeking up to $1 billion in compensation to cover the costs of helping to free the massive Ever Given ship which was stuck in the Suez Canal for almost a week.

The massive 1,300-foot container ship get stuck in the sandbanks of the Suez Canal after wind storm caused it to steer off course. The incident disrupted global trade until It was freed six days later.

Up till now, Egyptian authorities wouldn’t release the massive ship until its owners, Evergreen Marine Corp, agrees to pay up to $1 billion in compensation.

According to Lt. Gen. Ossama Rabei, who leads the Suez Canal Authority, part of the money will go towards covering revenue losses at the canal, cost of the equipment and machinery used to clear the way.

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The money will also go into damages done to the canal by the dredging as well as compensation to 800 people who worked to free the 200,000-ton ship.

This amount does not include the cost of delays or damages done to the hundreds of other boats affected by the Ever Given blocking the narrow canal.

According to London-based financial firm Revenitiv, the Egyptian state lost transit fees worth $95 million because of the six-day blockage.

But the president of Evergreen Marine Corp, the charterer of Ever Given, Eric Hsieh, said that the company is “free of responsibility from cargo delays” as “it will be covered by insurance”.

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