The Ever Given floats free—again—after Egypt agrees to a settlement

After the tragic incident with the Ever Given in the Suez canal for six days. It also spent more than three months in the Suez Canal’s bureaucracy. 

Egypt’s Suez Canal Authority (SCA) is unwilling to release the container ship, Ever Given and its cargo and crew without a fine. 

Egypt is demanding the salvage fees and damages, which almost worth around $1 billion. 

After the hassles of legal proceedings and negotiations, Ever Given’s owners and insurers are finally ready for a compensation agreement with the SCA. 

How much did the Ever Given blockage cost?

According to the estimation from the maritime data company Lloyd’s List, the cost of the shipping trade each day is $9.6 billion. And all this analysis is done from the volume and the value of goods flowing from eastwards to westwards through the canal. 

About 50 ships a day typically process through Suez Canal. And until March 29, hundreds of ships were part of blockage. 

According to Refinitiv, If a ship’s owner rerouted a vessel around southern Africa, then it would’ve cost roughly $30,000 daily for fuel expenses. In addition, the fees for late deliveries can also cost up to tens of thousands of dollars per day.

However, due to Ever Given’s obstruction of the Suez, the SCA loses up to $15 million each day.

Initially, the total cost demanded was $ 916 million, but SCA negotiated it to around $550 million. By adjusting its claim in expenses, for helping dislodge the ship and in damages.

The final details of all this agreement were not released. But according to the chairman, Osama Rabie, as a part of the settlement, SCA would receive a new tugboat, with a pulling capacity of 75 tons. 

But the legal calculations are likely to be in the process only time knows. 

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