Skip to content

Paying for the Suez Canal Blockade

Egypt said it may seek around $1 billion in compensation after a giant container vessel blocked the Suez Canal for almost a week and roiled shipping markets. The figure is a rough estimate of losses linked to transit fees, damage to the waterway during the dredging and salvage efforts, and the cost of equipment and labor, the Suez Canal Authority’s chief executive officer, Osama Rabie, said late Wednesday to local television channel Sada Elbalad. The 400-meter-long Ever Given ship, owned by Japan’s Shoei Kisen Kaisha Ltd., ran aground on March 23 in the southern part of the canal and was freed six days later. Taiwan’s Evergreen Marine Corp., the vessel’s charterer, said Thursday it’s not responsible for delays of any cargo it was transporting. Shoei Kisen will discuss compensation with the Canal Authority, but will refrain from giving details for now, according to a spokesperson.

SOURCE: ECONOMIC TIMES