Kashish Jain
Despite the fact that the giant Even Given container ship might have been freed from the banks of the Suez Canal, it still finds itself deck deep, embroiled in a dispute over the payment for dislodging it from the waterway.
Egyptian authorities have stated that they are unwilling to release the massive ship, which has been stuck in the canal for almost a week until its owners agreed to pay up to $ 1Billion in compensation.
Lt. Gen. Osama Rabie, who leads the Suez Canal Authority said, “The vessel will remain here until investigations are complete and compensation is paid.”
This has been reported by The Wall Street Journal. He also stated, “We hope for a speedy agreement.”
He also made it a point to say that, “Minute they agree to compensation, the vessel will be allowed to move.
Egyptian authorities would demand $ 1 Billion to cover the costs of freeing the vessel, the figure would cover the expense of the equipment and machinery used to clear the way.
It would also cover the damage to the canal itself by the dredging while also compensating about 800 people who worked to release the massive ship.
The figure is inclusive of the refund cost from the blocking of the canal, which ended up causing a massive traffic jam on either side of the channel.
This blockage caused a loss of $95 million to the Egyptian State in form of transit fees.
There is grave uncertainty about who will be required to make this compensation. The Japanese owner of Ever Given, Shoei Kisen Given told the Journal that it hadn’t officially heard from the Egyptian authorities.
Eric Hsieh, the president of Evergreen Marine Corp., the charterer of Ever Given, said the company was “free of responsibility from cargo delays” because “it will be covered by insurance,” according to a Bloomberg report.