Egypt seeks more than $1 billion for Suez Canal blockage

Osama Rabie, head of Suez Canal Authority stated that Egypt will seek a compensation that exceeds $1billion for the recent Suez Canal blockage by Ever Given.

On March 23, the Panama flagged container ship Ever Given got stuck in the Suez Canal, blocking one of the world’s most important trade routes. Navigation was blocked for 6 days holding up about 422 ships, until the ship was refloated.

Rabie stated that the compensation will be sought for the losses caused by the blockage of the waterway for 6 days as well as the expenses of equipment used in the refloating attempts and the physical damage that resulted from the incident.

Rabie noted that the compensation is rightful to the state of Egypt who will not give it up.