Head of the Suez Canal Authority (SCA) Osama Rabie said on Sunday that Egypt has offered to reduce its compensation claims to the owners of the container ship that closed the canal in March by a third. The Ever Given and its cargo are still being held in the Suez Canal, and the ship’s insurance company is refusing to compensate the authority for the blockage. While the ship was stuck, Egypt estimated a daily US$12 to US$15 million in losses. The authority claims that compensation is needed to cover the loss of transit fees, damage to the waterway during dredging and rescue efforts, and the cost of equipment and labor. The 400-meter-long Ever Given is owned by the Japanese company Shoei Kisen Kaisha Ltd., and it was chartered by the Taiwanese Evergreen Line company when the canal blockage accident occurred.

Source: Egypt Independent May 11, 2021 11:37 UTC