The number is a little less than SCA’s chairman Osama Rabie was originally looking for, who previously stated that they requested $1 billion
Updated: article was updated to include new information on compensation amount
The Suez Canal has finally put a price on the Ever Given’s freedom and its effects on the waterway during its 6-day blockage.
The Suez Canal Authority (SCA) has officially demanded the owner of the container ship to pay $916 million in compensation for loss of revenues and rescue efforts to get the ship unstuck.
The authority has also obtained a court order to seize the ship until it receives payment, keeping it docked at Great Bitter Lake between the two entrances/exits of the canal. The Ismailia Economic Court has approved the seizure request and will notify the crew today that it will take control of the vessel and prevent it from leaving.
The number is a little less than SCA’s chairman Osama Rabie was originally looking for, who previously stated that they requested $1 billion from the ship’s owner.
Talking to Bloomberg earlier yesterday, Rabie expects that a majority of the compensation will be paid out by insurance companies, a sentiment that Fitch Ratings agrees with.