Egypt: $1bn in initial losses caused by Suez Canal blockage

Head of the Suez Canal Authority (SCA) Osama Rabie said yesterday that the initial estimate of the losses resulting from Ever Given ship running aground amounted to $1 billion.

State-owned Akhbar El-Yom newspaper quoted Rabie as saying that “the value of initial damages caused by the ship’s stranding period in the canal was estimated at about $1 billion.”

The SCA president explained that “the investigation authorities obtained the black box of the delinquent ship, and work is underway to unload its content to find out the causes of the deviation.”

He confirmed that the navigation movement in the Suez Canal returned to normal, as 532 ships crossed the sea lane since the ship was back afloat, at a rate of 90 ships per day.

OPINION: Was the Ever Given grounding accidental or intentional?

Al-Shorouk newspaper quoted Rabie saying the Suez Canal Authority seeks “to solve the issue peacefully and obtain compensation without resorting to court.”

It was not possible to obtain immediate comment from the Japanese Shoei Kisen company that owns the Ever Given vessel, or the Taiwanese company that operates it.

The Ever Given is still anchored in Egyptian waters, Rabie said the vessel will not be allowed to leave the country until a financial settlement for the damages is reached.

The Suez Canal crisis – Cartoon [Sabaaneh/MiddleEastMonitor]