Egypt demands $900million in compensation after it seizes the Suez Ship.

Egypt seized Evergreen’s Ever Given Ship that got stuck in the Suez canal last month and now Egypt is looking for compensation for the losses that they incurred.

The court of Ismalia granted the authorisation to seize the Ever Given ship. The move comes after it caused a closure in the functioning of the suez canal for almost a week. It has been reported that around $9billion of cargo was blocked from passing through each day.

“The vessel will remain here until investigations are complete and compensation is paid” said Lt. General Osama Rabie (The Leader of Suez Canal Authority.)

“Despite the magnitude of the claim which was largely unsupported, the owners and their insurers have been negotiating in good faith with the SCA. On 12 April, a carefully considered and generous offer was made to the SCA to settle their claim,” the statement said.

Vice-admiral Mahmoud said that Egypt in no way is responsible to pay for the compensation but it’s insurance company’s responsibility to pay for losses of the other ships. And the amount they’re themselves are demanding for release of Ever Given is huge yet it is to cover the equipment used to dislodge the ship, the labor force that worked to help them, the Labor force should be paid and its not the sole responsibility of the insurance company by any means.

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