Egypt’s claims bill for Suez blockage may reach $1bn

To remind, the container ship was eventually refloated on 29 March, after six days preventing traffic through key global trade route.

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In light of the incident, the head of the Suez Canal Authority informed that the losses and damages resulting from the Ever Given, could run to more than $1 billion.

In fact, Suez Canal Authority’s chairman Osama Rabie told to Reuters that the amount of damage and losses, and how much the dredgers consumed, will be calculated. Estimates, God willing, will reach a billion dollars and a little bit more.

As Mr. Rabie explained, the disruption cost Egypt between $12m (£8.7m) and $15m (£10.9m) a day, while an investigation would further determine who is responsible for paying it.

However, traffic resumed in both directions of the passageway about three hours after the Ever Given was refloated.

At the same time, authorities are planning to double the number of vessels passing through the canal to clear a backlog of more than 400 ships, but experts have warned that the disruptions to global trade could last for months.

What is more, in connection with the vessel’s grounding, the owner of the Ever Given has filed suit against operator Evergreen.

As the UK outlet “The Lawyer” reported, the details of the filing are not public, but the defendants include Evergreen and all other parties who may claim damages in connection with the incident.

From its side, Evergreen believes that as the charterer it has “very low” exposure to financial risk from the grounding, president Eric Hsieh told Taiwanese reporters on Thursday. “Our risk exposure from the Ever Given incident is very low – even if there are damages, it will be covered by insurance,” Hsieh said.