EGYPT
Pay Up
Although the giant ship that blocked the Suez Canal was released by tugboats recently, Egyptian authorities are refusing to allow it to continue on its course until its owners pay almost a billion dollars in compensation for disrupting maritime trade traffic, NBC News reported.
Last month, the Ever Given vessel ran aground in the man-made canal effectively disrupting one of the world’s most important trade routes and holding up about $9 billion in global trade each day.
Salvage operations took one week to free the ship. Even so, Egyptian authorities have been holding the ship until investigators finish their inquiry into the incident. Now they are demanding compensation.
The chairman of the Suez Canal Authority, Osama Rabie, said that the canal suffered shipping fee losses, salvage operation costs and “great moral damage.”
A spokesman for the ship’s Japanese owner, Shoei Kisen Kaisha Ltd., said the company has been informed of the demand and the parties remain in negotiations.
The compensation includes a $300 million claim for “loss of reputation.”
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