Egypt Demands $900 million in Damages for Suez Canal Blockage

The Ever Given container ship that blocked Egypt’s Suez Canal and crippled world trade for nearly a week has been seized by the Egyptian government on court orders.

Egypt is demanding $900million in compensation after the ship got stuck in the vital trade route for nearly a week.

According to the Canal Authority, Egypt lost between US$12 and US$15 million in revenue each day the waterway was closed. The canal is one of its main sources of income, the passage brought in around $ 5.7 billion in Cairo in 2019-2020.

Chief of Suez Canal Authority, Admiral Ossama Rabie in a statement said the $900 million is a compensation to “losses caused by the boat to the Authority in addition to its refloating and maintenance operations”

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The Panamanian ship Ever Given was seized due to the non-payment of the sum of $900million by virtue of a judgment rendered by the economic court of Ismailia.

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