A megaship which blocked Egypt's Suez Canal and crippled world trade for nearly a week has been 'seized' on court orders until the vessel's owners pay $900 million, canal authorities said Tuesday. The MV Ever Given was seized due to its failure to pay $900 million in compensation, Suez Canal Authority chief Osama Rabie was quoted as saying by Al-Ahram, a state-run newspaper. The canal is economically vital to Egypt, which lost between $12 and $15 million in revenues for each day the waterway was closed, according to the canal authority. The Suez Canal earned Egypt just over $5.7 billion in the 2019/20 fiscal year, according to official figures. They said that Suez Canal Authority investigators have been given access to the Voyage Data Recorder, also known as a vessel's black box.

Source: The Nation April 13, 2021 17:02 UTC