Japanese owners of the MV Ever Given are negotiating with Egyptian authorities over release terms

Tokyo, April 14 2021: The Suez Canal was blocked for 6 days when the 200,000-tonne MV Ever Given got diagonally stuck after veering off course as a result of sand storm. The MV Ever Given was later seized “due to its failure to pay $900 million” compensation, Suez Canal Authority chief Osama Rabie was quoted as saying to the state run media. The compensation figure was calculated based on “the losses incurred by the grounded vessel as well as the flotation and maintenance costs”  he added.

The Japanese owners of the ship are now negotiating with Egyptian authorities after they demanded $900 million in compensation for its release. According to Maritime data company Lloyd’s List, the blockage by the vessel, longer than four football fields, held up an estimated $9.6 billion-worth of cargo between Asia and Europe each day it was stuck.

On its part, Egypt lost between $12 and $15 million in revenues for each day the waterway was closed, according to the canal authority. The fate is of the Ever Given is now mired in a legal battle. A spokesperson was also quoted by Japanese Press as saying the firm was “at odds with the canal authority in talks over the appropriate amount (of compensation)” but that discussions were ongoing.

After getting dislodged, the Japanese-owned, Taiwanese-operated and Panama-flagged ship was moved to anchorage in the canal. The back log of traffic of 420 vessels at the northern and southern entrances to the canal were cleared in early April.

The grounding of the ship and the intensive salvage efforts are also reported to have resulted in significant damage to the canal.

Stay tuned to BaaghiTV for latest news and Updates!

China’s former star gymnast turned beggar is back to performing on streets

Matsuyama becomes second city to scrap Olympics torch relay ceremony

Toshiba considers buy-out offers from private equity funds following resignation of its CEO

Lebanon’s Civil war survivors reminisce over what they call were “better days” than the current economic crisis

Health authorities in Germany agree on switching to different vaccine after initial AstraZeneca jab to people under 60

Nancy Pelosi invites President Biden to deliver a speech to joint session of Congress marking his first 100 days

A spike in corona cases just 100 days before the Olympics rings alarm bells

In landmark legislation, New Zealand becomes first to put climate impact at the heart of financial decisions

Leave A Reply

Your email address will not be published.