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By Tarek El-Tablawy (Bloomberg) Egypt said it may seek around $1 billion in compensation after the giant containership Ever Given blocked the Suez Canal for almost a week and roiled shipping markets.
The figure is a rough estimate of losses linked to transit fees, damages incurred during the dredging and salvage efforts, the cost of the equipment, and labor, Suez Canal Authority chief executive Osama Rabie said late Wednesday to local television channel Sada Elbalad.
He did not specify who the Canal Authority would seek compensation from.
“This is the right of the country,” Rabie said, adding that the incident hurt Egypt’s reputation. “This country should get its due.”
Egypt may seek US$1B in compensation for Suez crisis
Tarek El-Tablawy and Mirette Magdy, Bloomberg News
Imports stuck in the Suez Canal could impact Canadian breakfasts VIDEO SIGN OUT
Egypt said it may seek around US$1 billion in compensation after a giant container vessel blocked the Suez Canal for almost a week and roiled shipping markets.
The figure is a rough estimate of losses linked to transit fees, damages incurred during the dredging and salvage efforts, the cost of the equipment, and labor, Suez Canal Authority chief executive Osama Rabie said late Wednesday to local television channel Sada Elbalad.
The cost of blocking shipping for almost a week through one of the most crucial waterways on earth, the Suez Canal, apparently comes in at right around $1 billion.
Ever Given Stuck Again As Estimates of Shipping Stall Total $1 Billion newsweek.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newsweek.com Daily Mail and Mail on Sunday newspapers.