Global Trade & Economy

Egypt could seek $1B in compensation for stuck Suez Canal ship

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Egypt could seek $1 billion in compensation for damages caused by the grounding of a cargo ship in the Suez Canal that slowed international trade for days.

That compensatory figure does not include the financial damages that owners of the nearly 400 boats that were delayed during the past week and the companies whose products were being transported may also seek, according to USA Today.

Lt. Gen. Ossama Rabei, head of Suez Canal Authority, reportedly said that the $1 billion that Egypt is asking for will likely cover the income the country lost out on in transit fees as well as the cost of the tugboat that freed the Ever Given and the damage done to the canal in the six days that the tugboat dredged the large container ship.

“This is the right of the country,” Rabei said, according to the outlet. “It should get its due.”

He also said that until an investigation is completed and the captain of the Ever Given complies with the demands of the canal authority, the ship will not be allowed to continue its travels to Rotterdam, Netherlands.

The ship was freed from the canal on Monday by a Dutch dredging company that removed 30,000 cubic meters of sand from around it. It is now anchored in Great Bitter Lake. 


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