The head of the Suez Canal Authority Osama Rabie has announced that the Suez Canal Authority engaged in a lawsuit dispute against the container ship Ever Given over compensation, has agreed to reduce the costs of compensation down to $550 million.
He admitted during a phone interview with host Lamis al-Hadidi, “… we reduced the compensation amount by 40 per cent to US$50 million out of US$916 million, with facilities including US$200 million in cash payment, and the rest being $350 million with facilities.”
Rabie remarked that the company owning the ship has failed to appreciate the effort that went into saving the ship. “Frankly, they did not appreciate the effort we did, and the fact that we succeeded in floating the ship in six days without any losses, whether regarding the ship or the human element, and we did not receive the necessary appreciation and understanding from the company that owns the ship for the effort we have made as it offered to only pay $150 million, which is a meager sum. It does not cover the losses caused by its ship.”
He explained that the authority is only looking for compensation for its losses incurred from the disruption to navigation and trade compensation