SUEZ CANAL WON’T RELEASE EVER GIVEN TILL COMPENSATION

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Egyptian authorities say they won’t release ship until its owners pay compensation and an investigation is complete.

•Decision on vessel departure

Egypt will release the giant container ship, that had blocked the Suez Canal for nearly a week, once a deal is reached on compensation for related losses, reports Bloomberg Quint.

“The ship is ready,” Osama Rabie said in an interview on Egyptian television. Once “we agree on compensation, the ship departs and the matter is closed.”

•Need for compensation

The Ever Given blocked the canal for six days, roiling global markets and costing the Suez Canal Authority $15 million a day in lost revenue, according to its calculation.

Rabie said Egypt wants compensation for the losses, as well as the cost of freeing the vessel.

The ship and its cargo are currently in the Great Bitter Lake, roughly halfway along the canal.

Source: Bloomberg Quint