Beautiful Virgin Islands

Saturday, Jul 05, 2025

Suez megaship owner haggles over Egypt's €750m release demand

Suez megaship owner haggles over Egypt's €750m release demand

The Japanese owner of a megaship seized after blocking the Suez Canal has said it is negotiating with Egyptian authorities after they demanded $900 million (750 million euros) in compensation for its release.
The 200,000-tonne MV Ever Given got diagonally stuck in the narrow but crucial global trade artery in a sandstorm on March 23, triggering a mammoth six-day-long effort to dislodge it.

Maritime data company Lloyd's List said the blockage by the vessel, longer than four football fields, held up an estimated $9.6 billion-worth of cargo between Asia and Europe each day it was stuck.

Egypt also lost between $12 and $15 million in revenues for each day the waterway was closed, according to the canal authority.

The MV Ever Given was later seized "due to its failure to pay $900 million" compensation, Suez Canal Authority chief Osama Rabie was quoted as saying by the state-run Al-Ahram newspaper.

Its fate is "now...in the legal arena," a spokeswoman for the ship's owner Shoei Kisen Kaisha told AFP Wednesday.

An unnamed spokesperson was also quoted by Japan's Jiji Press agency as saying the firm was "at odds with the canal authority in talks over the appropriate amount (of compensation)" but that discussions were ongoing.

The Japanese-owned, Taiwanese-operated and Panama-flagged ship was moved to unobstructive anchorage in the canal after it was freed on March 29, and tailbacks totalling 420 vessels at the northern and southern entrances to the canal were cleared in early April.

The compensation figure was calculated based on "the losses incurred by the grounded vessel as well as the flotation and maintenance costs" Rabie said, citing a ruling handed down by the Ismailia Economic Court in Egypt.

The grounding of the ship and the intensive salvage efforts are also reported to have resulted in significant damage to the canal.

The Suez Canal earned Egypt just over $5.7 billion in the 2019/20 fiscal year, according to official figures -- little changed from the $5.3 billion earned back in 2014.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
Texas Enacts Law Allowing Gold and Silver Transactions
×