Ever Given: Egypt cuts claim against owner by $300M, down to $600M

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5/10/2021 1:06:00 PM

Egypt offered to drop $300 million of its $916 million lawsuit over the Ever Given, which is still impounded 30 miles from where it got stuck

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Ahmed Hasan/AFP via Getty ImagesInsurers for Ever Given's owners challenged the $916 million claim almost immediately.The UK Club, representing Japanese company Shoei Kisen Kaisha,described the claim as"largely unsupported,"arguing that the SCA had not provided a detailed justification.

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The UK Club said it made a"carefully considered and generous offer" on April 12, but the SCA had turned it down. The size of the offer has not been made public.The"Ever Given" sails through the Suez Canal after it was fully freed and floated.

Sayed Hassan/picture alliance via Getty ImagesShoei Kisen Kaisha made several moves attempting to limit its losses. In mid-April, it— a mechanism that shares losses between the owners and its cargo clients.It alsoset up a limitation fund— a legal entity that can cap some claims against it, specifying a maximum of $115 million. It is unclear whether that mechanism will in practice reduce its liabilities. headtopics.com

In the meantime, only a handful of the ship's crew have been able to leave. The SCA has, but has insisted that a minimum crew remain on board to manage it while impounded.Egypt hasinto how the ship got stuck, but has not announced a date for any conclusions. 

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Even Given insurers say Egypt $600 million claim still too muchBusiness Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.

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