Up to $1 Billion in Compensation Could be asked by Egypt for Ever-Given Crisis

109

After almost an entire week that the massive Ever-Given ship was stuck in the Suez Canal only to be freed on Monday, March 29, 2021. Although the ship is now sailing as normal, another question has arisen with respect to the compensation for the losses.

It has been speculated that there are possibilities that the Egyptian authorities may go for compensation. The compensations would be around the clearance of the Ever-Given ship from the Suez Canal. The analysts are stating that there are possibilities that the authorities from Egypt may go ahead and asked for compensation.

At present, the main question is that who is going to go ahead and foot the bill of getting the Ever-Given released from the Suez Canal. There are chances that the authorities from Egypt may go for a billion-dollar compensation for the entire process.

The Egypt-owned Suez Canal Authority’s managing director and chairman, Osama Rabie has talked about the recent Ever-Given incident. Rabie stated that the authorities from Egypt looking after the Suez Canal may go for a compensation amount that will be over a billion.

The above statement has been shared on Wednesday, March 31, 2021, by the Sada El Balad channel, which is a local Egyptian media group.

Rabie stated that the compensation amount will be based on different factors that were affected during the Suez Canal incident. He stated that there were elements such as cost of machinery and equipment, and the Suez Canal revenue losses.

Most importantly, the 800 rescuers’ working hours who were present at the site of the incident helping to get the Ever-Given ship out of the situation.

Rabie stated that the authority will be presenting the number that they want to be paid. He made it clear that they will not be providing the name of the party that will be responsible for paying the compensation amount.

He stated that it is something that the shipping companies will have to decide among themselves. But someone needs to pay for the losses and damages that the Suez Canal and Egyptian authorities have incurred.

He added that the Suez Canal’s authorities managed to get the ship out of trouble. Their main focus was to ensure that not much damage was caused to the ship during the freeing process. Now that they have done this, they expect to be compensated for their work and it needs to be decided soon among the companies.

He stated that they have managed to save the ship for them and it safely sailed through the Suez Canal after being freed. There were possibilities that the ship could have been lost completely but it did not happen, thanks to the hard work of teams working at the Suez Canal.