Today: Wednesday, 22 May 2024 year

Egypt seizes Suez ship Ever Given pending $900 mln compensation

Egypt seizes Suez ship Ever Given pending $900 mln compensation

Egypt’s authorities demand more than $900 million compensation from the Japanese firm owner of the giant container vessel that blocked the Suez Canal last month.

The talks continued over the multimillion compensation for blocking the Suez Canal in March. The incident was caused by the ship Ever Given, said the Suez Canal Authority. As a state-run Ahram Gate reported, a court in the city of Ismailia granted a seizure request regarding the Ever Given vessel.

Egypt’s move underscores the legal complications following Ever Given’s grounding on March 23. The giant container vessel clotted the canal for almost a week and roiled shipping markets. Logjams are expected to continue in the coming weeks across the globe, said the Suez Canal Authority’s chief executive officer, Osama Rabie.

The negotiations with the ship’s owners and insurers were taking longer than anticipated, especially given the vessel and its containers were undamaged.