An Egyptian appeals court on Sunday, May 23, 2021, said it lacks jurisdiction to look into the Suez Canal Authority’s demands to uphold financial claims that led to the seizure of the massive Ever Given that blocked the waterway in March. (AP/Mohamed El-shahed)

An Egyptian appeals court on Sunday, May 23, 2021, said it lacks jurisdiction to look into the Suez Canal Authority’s demands to uphold financial claims that led to the seizure of the massive Ever Given that blocked the waterway in March. (AP/Mohamed El-shahed)

Egypt court adjourns Suez ship case for more compensation talks

Suez Canal Authority is asking for funds for the salvage of a vessel that blocked the waterway for 6 days in March

An Egyptian court on Saturday adjourned the case of a massive hulking cargo vessel that blocked the Suez Canal for nearly a week earlier this year. The move is to allow more time for negotiations aiming at resolving a financial dispute between the Suez Canal Authority and the vessel’s owner.

The dispute centers on the compensation amount the Suez Canal Authority is claiming for the salvage of the vessel Ever Given, which ran aground in March, blocking the crucial waterway for six days in March.

At first, the Suez Canal Authority demanded $916 million in compensation, which was later lowered to $550 million, the head of the canal authority, Lt. Gen. Osama Rabie, said in comments on a television program on Sunday.

The money would cover the salvage operation, costs of stalled canal traffic, and lost transit fees for the week the Ever Given blocked the canal.

The vessel’s Japanese owner, Shoei Kisen Kaisha Ltd., and insurers said the demand is still too high. They previously had offered $150 million in compensation but that was rejected by the canal authority.

The Ismailia Economic Court adjourned the hearing to June 20, as the vessel’s owner submitted a new offer to settle the dispute out of court, the Suez Canal Authority said in a statement.

The statement offered no further details.

Since it was freed, the Panama-flagged vessel, which carries cargo between Asia and Europe, has been ordered by authorities to remain in a holding lake mid-canal as its owner and the canal authority try to settle the compensation dispute.

The two sides have traded blame for the vessel’s grounding.

The six-day blockage disrupted global shipping. Hundreds of ships waited in place for the canal to be unblocked, while some ships were forced to take the much longer route around the Cape of Good Hope at Africa’s southern tip, requiring additional fuel and other costs.

About 10 per cent of world trade flows through the canal, a pivotal source of foreign currency to Egypt. Some 19,000 vessels passed through the canal last year, according to official figures.

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

Egypt

Just Posted

Workers had a busy time today repairing a broken main water line. (District of Houston photo)
Water service being restored

Main line on 13th had broken

Flags at the District of Houston administrative building were lowered last week following the news that the remains of as many as 215 children were found buried on the grounds of the former Kamloops Indian Residential School. The flags were raised back up yesterday. (Houston Today photo)
Flags lowered in memory

Flags at the District of Houston administrative building were lowered last week… Continue reading

Bruce Tang- Unsplash photo
World Elder Abuse Awareness Day

“Older adults in our communities continue to find themselves in vulnerable situations… Continue reading

People watch a car burn during a riot following game 7 of the NHL Stanley Cup final in downtown Vancouver, B.C., in this June 15, 2011 photo. THE CANADIAN PRESS/Geoff Howe
10 years ago: Where were you during the 2011 Vancouver Stanley Cup Riots?

Smashed-in storefronts, looting, garbage can fires and overturned cars some of the damage remembered today

(Black Press Media file)
Dirty money: Canadian currency the most germ-filled in the world, survey suggests

Canadian plastic currency was found to contain 209 bacterial cultures

(pixabay file shot)
B.C. ombudsperson labels youth confinement in jail ‘unsafe,’ calls for changes

Review states a maximum of 22 hours for youth, aged 12 from to 17, to be placed in solitary

Eleonore Alamillo-Laberge, 6, reads a book in Ottawa on Monday, June 12, 2017. THE CANADIAN PRESS/Sean Kilpatrick
Parents will need to fight ‘COVID learning slump’ over summer: B.C. literacy experts

Parents who play an active role in educating their children this summer can reverse the slump by nearly 80%, says Janet Mort

The border crossing on Highway 11 in Abbotsford heading south (file)
Western premiers call for clarity, timelines on international travel, reopening rules

Trudeau has called Thursday meeting, premiers say they expect to leave that meeting with a plan

The B.C. government’s vaccine booking website is busy processing second-dose appointments, with more than 76 per cent of adults having received a first dose. THE CANADIAN PRESS/Jonathan Hayward
B.C.’s COVID-19 infections, hospitalizations stable for Tuesday

108 new confirmed cases, 139 in hospital, 39 in intensive care

A worker, at left, tends to a customer at a cosmetics shop amid the COVID-19 pandemic Thursday, May 20, 2021, in Los Angeles. (AP Photo/Marcio Jose Sanchez)
Half of cosmetics sold in Canada, U.S. contain toxic chemicals: study

Researchers found that 56% of foundations and eye products contain high levels of fluorine

White Rock’s Marine Drive has been converted to one-way traffic to allow more patio space for waterfront restaurants. (Peace Arch News)
Province promotes permanent pub patios in B.C. post-pandemic plan

More than 2,000 temporary expansions from COVID-19 rules

Lake City Secondary School Williams Lake campus students Ethan Reid, from left, Brenden Higgins, Ty Oviatt, Kaleb Alphonse, Nathan Kendrick and Landon Brink with RCMP officers Const. Nicoll and Const. Stancec. (Photo submitted)
RCMP thank 6 teens for helping prevent forest fire in Williams Lake

The students came across fire in a wooded area and used the water they had to try and extinguish the flames

Most Read