Although the Suez Canal Blockage is resolved and global trade is getting back to normal, Egypt will not release the Ever Given until its owners agree to pay USD 1 billion dollars in compensation, local authorities informed.
The grounding of the 400-meter-long ship Ever Given in the southern section of the canal on March 23 blocked the Suez Canal for nearly a week, causing a major disruption in global trade flows as it prevented hundreds of ships from passing the world’s major shipping trade route.
The vessel will remain here until investigations are complete and compensation is paid. We hope for a speedy agreement. The minute they agree to compensation, the vessel will be allowed to move,
…Osama Rabie, chairman of the Suez Canal Authority, was quoted as saying on state-owned television in Egypt, Thursday.
While Mr. Rabie did not disclose the amount sought during this statement, he said last week that Egypt would demand $1 billion for the cost of the operation to free the ship.
The blockage has cost the Egyptian state $95 million in lost transit fees, according to London-based financial analysis firm Refinitiv, but Egyptian officials also said they would recoup the lost income when they restarted traffic through the canal, Wall Street Journal reports.
Last week, the owners of the ship declared a General Average, as an investigation into the incident is underway.
Meanwhile, seafarers’ associations and unions have expressed concern that crew members of Ever Given could be trapped onboard for a long time amid dispute.
