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Initial agreement on compensation reached between Egypt and owner Ever Given ship

File Photo

CAIRO, 26 June, 2021 (TON): An initial agreement on compensation has been reached between Egypt and the owner of the Ever Given container ship that blocked the Suez Canal, said the head of the Canal Authority (SCA).

Ossama Rabie said, "We have reached an initial agreement after intense negotiations between the authorities, the ship's owners and insurers."

According to the Egyptian official, the two parties are now putting the "final touches" to the agreement, which could be signed "in the middle of next week".

With a capacity of more than 200,000 tonnes, the Ever Given ran aground on 23 March, blocking traffic on the canal, through which nearly 10% of world maritime trade passes, according to experts.

The blockage lasted six days. According to the Suez Canal Authority (SCA), Egypt lost between $12 million (€9.8 million) and $15 million (€12.5 million) per day of closure.

However, one of the insurers, UK Club, also announced in a statement that an agreement in "principle" had been reached between the parties.

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