Egyptian court adjourns Ever Given case

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An Egyptian court adjourned the case of the mega-ship that blocked the Suez Canal to give the waterway operator time to evaluate the latest offer of financial compensation.

Suez Canal Authority lawyer Khaled Abu Bakr told the court on Sunday that the operator was studying a new out-of-court offer submitted by the ship’s owners, without giving details on the offer.

“We have submitted a proposal that we believe satisfies all of the SCA’s requirements,” Stann Marine Ltd, a consultancy representing Ever Given’s owners and insurers, said Sunday in a statement. The postponement should allow the “time necessary to reach a final and amicable solution that satisfies all parties.”

The 400-meter Ever Given, one of the world’s largest container ships, ran aground in the southern part of the canal in late March, blocking it for six days and roiling shipping markets. The SCA initially demanded more than $900 million to cover the loss of transit fees, damage to the waterway during dredging and salvage work, and the cost of equipment and labor. It later reduced the amount to about $550 million.

The Japanese company Shoei Kisen Kaisha Ltd., the owner, and the ship’s insurers initially offered $150 million.

After being released on March 29, the Ever Given was sailed to the Great Bitter Lake – halfway across the canal – and has since been kept there by Egyptian authorities.

Source Bloomberg

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