Egypt may Seek $1 Billion dollar Compensation for Suez Canal Crisis by Ever Given

Egypt could seek over $1 billion in compensation for the losses caused by the mega containership Ever Given that was stuck in the canal and blocking navigation for almost a week, SCA chairman Osama Rabie said.

The compensation for the losses and damages “will reach over 1 billion dollars,” Rabie told local TV channel Sada Elbalad on late Wednesday. He said that “the figure is a rough estimate of losses linked to transit fees, damage to waterway during the dredging and salvage efforts, and the cost of equipment and labor.”

“We will ask for a fair amount,” Rabei said, adding that “we saved them so much by rescuing the ship without any major damage or losses.”

“This is the right of the country,” Rabei continued. “It should get its due.”

Rabei added, he hopes an agreement can be reached regarding appropriate compensation “in two or three days,” otherwise the Ever Given will continue to be held in the Great Bitter Lake north of the Suez Canal.

“We could agree on a certain compensation, or it goes to court,” he said. “If they decide to go to court, then the ship should be held.” 

Though he did not specify who the Canal Authority would seek compensation from.

The charterer of the vessel, Evergreen Marine Corp, said on Thursday that it is not responsible for delays of any cargo it was transporting.

Evergreen Marine Corp President, Eric Hsieh said at a company breifing in Taiwan that “There is almost no chance that we will be sought to pay compensation.”