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Ever Given Stuck In Egypt Until Owners Pay $1 Billion

Advertisement This isn’t going to be a cheap or easy fix for the Ever Given’s owners, according to the Wall Street Journal: “The vessel will remain here until investigations are complete and compensation is paid,” Osama Rabie, chairman of the Suez Canal Authority, told state television in Egypt on Thursday. “We hope for a speedy agreement,” he said. “The minute they agree to compensation, the vessel will be allowed to move.” Mr. Rabie didn’t say Thursday what amount Egyptian authorities were seeking as compensation. But he said last week that Egypt would demand $1 billion for the cost of the operation to free the ship, the loss of transit fees an important source of foreign currency for Egypt and other costs from the blocking of the canal, which caused a traffic jam of more than 400 ships on either side of the channel.

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