Egypt demands $1 Billion Compensation to release Evergreen Ship following Suez Canal Blockage

Egyptian authorities have asked the owners of Evergreen to pay $1 billion in compensation or else it wouldn’t release the ship. The Evergreen container ship that was stuck in Suez Canal for almost a week.

The billion-dollar figure includes the rescue operation, costs of stalled traffic, and missed transit fees for the week that the Ever Given blocked the Suez Canal.

The giant cargo ship is currently docked in one of the Suez Canal’s holding lakes, where an investigation is underway, according to authorities and the ship’s managers. The Suez Canal Authority is seeking more than $1 billion in compensation, according to the canal manager, who also warned that if the matter of damages becomes a legal dispute, the ship will not be able to leave the canal. He didn’t say who would be responsible for paying the compensation at the time.

Investigators have reviewed data from the vessel’s black box, the Voyage Data Recorder, but no conclusion has been drawn about what caused the Ever Given to run aground.

Salvage crews freed the Evergreen last week, bringing an end to a crisis that had clogged one of the world’s most important waterways and halted billions of dollars in daily maritime trade.

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