Talks On Suez Canal Grounding Compensation Are Still On, Ship Remains Stuck

The Suez Canal ship grounding conundrum refuses to die as the compensation to the canal authorities haven’t been settled yet. Earlier this week, the Suez Canal Authorities have said that they won’t release the ship and its crew until the shipping company that owns Ever Given pays the compensation.

Egypt has now revealed that they are still in talks regarding the compensation. Initially, it was reported that the canal authorities are asking for 1$ billion in compensation which will cover the transit revenue loss and expenditure to refloat the vessel.

“It’s likely that insurance companies will cover most of the amount associated with the efforts to free the 400-meter-long Ever Given”, said the Suez Canal Chairman, Osama Rabie.

While he didn’t confirm the compensation amount, he quoted the same figure earlier and also confirmed that the ship can’t leave until the Japanese shipping company pays the compensation.

Rabie revealed that the investigation is likely to be completed by the end of this week.

Reference: bloombergquint.com

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