A giant container ship that had blocked Egypt’s Suez Canal for nearly a week earlier this year will be released on July 7 following an agreement between authorities and the vessel’s owners, the canal authority said Sunday.
A ceremony for the signing of the settlement agreement ending the dispute over the 400-meter-long Ever Given will be held on Wednesday, and the ship will be allowed to depart, the Suez Canal Authority’s media office said by phone.
Earlier, Stann of London, the attorneys for the ship’s owner and insurers said that a “formal solution” had been agreed upon and that preparations for its departure were being made.
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Egypt Court Rejects Appeal to Release Giant Container Ship Seized by Suez Authority By Salma El Wardany and Mirette Magdy | May 24, 2021
An Egyptian court rejected an appeal by the owner of a giant container ship that blocked the Suez Canal to allow it to leave the country, as a legal dispute over compensation continues.
Sunday’s ruling marked the second time Japan’s Shoei Kisen Kaisha Ltd. lost a bid to have a seizure order lifted. The Suez Canal Authority is claiming more than more than $900 million in damages linked to the vital waterway’s six-day closure in March, which roiled shipping markets.
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By Abdel Latif Wahba (Bloomberg) Egypt offered to reduce claims by a third for compensation from owners of the container ship that blocked the Suez Canal in March, Suez Canal Authority Chairman Osama Rabie told MBC Masr channel television channel.
The canal authority said it would reduce the claims for compensation to $600 million from $900 million, according to Rabie. The SCA also offered payment terms to owners of the Ever Given container ship but they have yet to respond, he said.
An Egyptian court granted the Suez Canal Authority’s request for the seizure of the vessel in mid-April as compensation talks dragged on. The blockage roiled shipping markets because hundreds of vessels had to wait for the canal which can shave two weeks off a journey between Asia and Europe to reopen.
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