As per London-based financial firm Refinitiv, Egypt lost transit fee worth USD 95 million (Rs 713 cores ) as a result of the blockage.
Ever Given, the large container ship that blocked the Suez Canal for over a week was freed on March 29. In a latest development, Egyptian authorities have now said that they won’t release the ship until its owners agree to pay a compensation of one billion dollars (Rs 7505 crores)
Osama Rabie, chairman of the Suez Canal Authority, on Thursday (April 8), told state television in Egypt that the vessel will remain there until investigations are complete and compensation is paid, reported the Wall Street Journal.
“We hope for a speedy agreement. The minute they agree to compensation, the vessel will be allowed to move,” he said.
On Thursday, Rabie hadn’t revealed what a amount the authorities were seeking as compensation but he’d earlier said that Egypt would demand USD 1 billion for the cost of the operation to free the ship- the loss of transit fees—an important source of foreign currency for Egypt—and other costs from the blocking of the canal.
The blockage caused a traffic jam of more than 400 ships on either side of the channel.
As per London-based financial firm Refinitiv, Egypt lost transit fee worth USD 95 million (Rs 713 crores )as a result of the blockage.
It however, remains unclear as to who will pay the compensation. The Japanse owner of the ship, Shoei Kisen Kaisha Ltd told the journal that it hadn't officially heard from the Egyptian authorities.
Meanwhile, Eric Hsieh, the president of Evergreen Marine Corporation, the charterer of Ever Given, stated that the company was "free of responsibility from cargo delays" because "it will be covered by insurance," Bloomberg reported.
The 400 metre-long Panama-flagged ship that carries cargo between Asia and Europe ran aground early on March 23 as it travelled north from the Red Sea towards the Mediterranean, twisting diagonally across the width of the canal.
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 "Egypt seeks compensation of Rs 7509 crore to free ship that blocked Suez Canal")
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