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

Brandon Hobbs (turquoise shirt), brother of missing Abbotsford man Adam Hobbs, gathers with other family and friends to distribute posters in Chilliwack on Thursday, June 17, 2021. (Jenna Hauck/ Chilliwack Progress)
Search efforts expand to Chilliwack and beyond for missing Abbotsford man

Family, friends put up posters in Chilliwack, Agassiz, Hope for missing 22-year-old Adam Hobbs

AHL president and CEO Scott Howson believes the new Abbotsford franchise is off to a strong early start. (AHL photo)
AHL president: ‘Tremendous success’ selling season ticket deposits for Abbotsford franchise

President and CEO Scott Howson optimistic about new Vancouver Canucks affiliate in Abbotsford

Stock photo by LEEROY Agency from Pixabay
Drop-in vaccination clinics slated in Abbotsford for construction workers

Among three sites in Lower Mainland holding no-appointment clinics in June and July

A CH-149 Cormorant from 442 Transport and Rescue Squadron out of CFB Comox on a training exercise in Chilliwack on June 16, 2021. (William Snow photo)
VIDEO: Military search and rescue training in Chilliwack Wednesday

CH-149 Cormorant and CC-115 Buffalo from CFB Comox participated in downed aircraft rescue simulation

The committee to name the new Eagle Mountain elementary school will now not reveal the top three school names until September. (File photo)
Committee to name new Abbotsford elementary school needs more time

Top three Eagle Mountain elementary school names will now be narrowed down by September

People line up to get their COVID-19 vaccine at a vaccination centre, Thursday, June 10, 2021 in Montreal. THE CANADIAN PRESS/Ryan Remiorz
Vaccines, low COVID case counts increase Father’s Day hope, but risk is still there

Expert says people will have to do their own risk calculus before popping in on Papa

Helen Austin performing with Trent Freeman at the 2018 Vancouver Island MusicFest. Austin is one of the many performers listed for the 2021 event.
Vancouver Island MusicFest goes virtual for 2021

Black Press to stream 25 hours of programming July 9-11

FILE – A science class at L.A. Matheson Secondary in Surrey, B.C. on March 12, 2021. (Lauren Collins/Surrey Now Leader)
Teachers’ union wants more COVID transmission data as B.C. prepares for back-to-school

BCTF says that details will be important as province works on plan for September

Provincial health officer Dr. Bonnie Henry outlines B.C.’s COVID-19 restart plan, May 25, 2021, including larger gatherings and a possible easing of mandatory masks on July 1. (B.C. government photo)
B.C. records 120 new COVID-19 cases, second vaccines accelerating

Lower Pfizer deliveries for early July, Moderna shipments up

A Heffley Creek peacock caught not one - but two - lifts on a logging truck this month. (Photo submitted)
Heffley Creek-area peacock hops logging trucks in search of love

Peacock hitched two lifts in the past month

The Calgary skyline is seen on Friday, Sept. 15, 2017. THE CANADIAN PRESS/Jeff McIntosh
2 deaths from COVID-19 Delta variant in Alberta, 1 patient was fully immunized

Kerry Williamson with Alberta Health Services says the patients likely acquired the virus in the hospital

The first suspension bridge is the tallest in Canada, with a second suspension bridge just below it. The two are connected by a trail that’s just over 1 km. (Claire Palmer photo)
PHOTOS: The highest suspension bridges in Canada just opened in B.C.

The Skybridge in Golden allows visitors to take in views standing at 130 and 80 metres

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

BC Green Party leader and Cowichan Valley MLA Sonia Furstenau introduced a petition to the provincial legislature on Thursday calling for the end of old-growth logging in the province. (File photo)
BC Green leader Furstenau introduces old-growth logging petition

Party calls for the end of old-growth logging as protests in Fairy Creek continue

Most Read