SUEZ CANAL AUTHORITIES TO ASK FOR COMPENSATION FOR FREEING EVER GIVEN

Highlights:

•      The Suez Canal authorities put in massive efforts to free Ever Given

•      It took the teams 1 week to dislodge the 200,000 cargo ship.

Due to the sideway lodged cargo ship in the Suez Canal for almost a week, the Ever Given, roiled up shipping markets. This blockage not only caused oil prices to go up but also put the Suez Canal authorities to work.

The Egyptian authorities are now planning on asking for compensation to be paid for the equipment, the labour put in, and the efforts. According to the Suez Canal’s authorities, the compensation that will be asked for will be around $1 billion.

It was however not clarified as to who shall the compensation be asked from.