Egypt, Suez Canal, Shipping, Logistics

Egypt, Suez Canal

Egypt 'seizes' megaship over US$900 million Suez claim

Egypt 'seizes' megaship over US$900 million Suez claim

13/4/2021 5:37:00 PM

Egypt 'seizes' megaship over US$900 million Suez claim

CAIRO: A megaship which blocked Egypt 's Suez Canal and crippled world trade for nearly a week has been 'seized' on court orders until the vessel's ...

The US$900 million compensation figure was calculated based on"the losses incurred by the grounded vessel as well as the flotation and maintenance costs, according to a court ruling handed down by the Ismailia Economic Court", Rabie added.He did not explicitly cite the Japanese owners Shoei Kisen Kaisha, but a different source at the SCA told AFP on Tuesday that negotiations over damages between that company, insurance firms and the canal authority were ongoing.

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In its court filing, the SCA referred to Articles 59 and 60 of Egypt's maritime trade law which stipulates that the ship would remain seized until the amount is paid in full, Al-Ahram said.AdvertisementThe MV Ever Given was moved to unobstructive anchorage in Bitter Lake after it was freed on Mar 29, and tailbacks totalling 420 vessels at the northern and southern entrances to the canal were cleared in early April.

The Suez Canal earned Egypt just over US$5.7 billion in the 2019-2020 fiscal year, according to official figures. Read more: CNA »

Not desirable to move ministers after less than a year, but situation ‘can’t be helped’: PM Lee

SINGAPORE — It is not desirable to give Cabinet ministers short stints in their portfolios owing to the disruption it can cause, but such moves are sometimes necessary, Prime Minister Lee Hsien Loong said on Friday (April 23).