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.
Egypt may seek US$1B in compensation for Suez crisis
Tarek El-Tablawy and Mirette Magdy, Bloomberg News
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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.
Read more about Egypt may seek $1 bn in damages over lost revenue due to Suez crisis on Business Standard. The figure is a rough estimate of losses linked to transit fees, damage to the waterway during the dredging and salvage efforts, the Suez Canal Authority s chief said