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EGYPT – Even Given ship owners to pay $900 million to Egyptian authorities

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Egypt sued for $900 million in damages from the Japanese ship Ever Given, which disrupted Suez Canal traffic at the end of March 2021. The container ship ran aground and blocked navigation in the international waterway. The ship is currently blocked by the Egyptian authorities, who have imposed a simple condition: the payment of this sum, according to the information provided on Tuesday 13 April by the Egyptian daily Al-Ahram. 

Egypt is not playing games with the Shoei Kisen, the Japanese company that chartered the ship, the Ever Given, which carried 18,000 containers. The authorities are demanding a large sum of $900 million for the damage caused by the blockade of the Suez Canal for six days at the end of March 2021. The authorities investigating the circumstances that led to the grounding of the Ever Given include in this sum “the revenue losses of vessels that would normally have crossed the canal during this period,” the Washington Post explains, and expenditures on equipment and labour in the “one hundred and forty-four hour run to free the ship”.

Indeed, at the beginning of April, Egypt was trying to de-profile the Ever Given of the Suez Canal, but without success. Now the Japanese ship is being held by the Egyptian authorities who are waiting for compensation. Egypt will not release the giant container ship until its owners have agreed to pay nearly a billion dollars in compensation,’ Osama Rabie, head of the Canal Authority, told Egyptian public television.

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The 900 million expected from the Japanese company are distributed as follows: “$300 million for the loss of revenue due to the cessation of navigation on the international waterway, $300 million for the cost of refloating the Ever Given and repairing the canal, and $300 million for “damage to the reputation of the Suez Canal”.

The Suez Canal accounts for more than 10% of world trade. Between 2019 and 2020, the Suez Canal brought in $5.7 billion in Cairo.The disruption of traffic caused by the Japanese vessel blocked 400 vessels north and south of the isthmus for six days. A period during which there were huge traffic jams. According to the Suez Canal Authority (SCA), Egypt loses between 12 and 15 million dollars per day of canal closure.Consultez les dictionnaires Collins et Reverso

       

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