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Tuesday, 27 April 2021

Potential compromise to end Ever Given dispute?

The Suez Canal Authority seems to be signalling it wants to strike an agreement to set the Ever Given free. The Suez Canal Authority (SCA) will offer “great” considerations to the owner of the Ever Given mega container ship that blocked the Suez Canal in March to ensure talks to negotiate an agreement on compensation are successful, SCA Chairman Osama Rabie said, according to a cabinet statement. The authority is “eager” to reach an agreement that is fair to all parties involved, Rabie added.

The SCA seized the ship earlier this month and demanded USD 916 mn in compensation from its Japanese owner, Shoei Kisen. The compensation covers a “salvage bonus” and damages to the canal’s embankment and its global reputation. Shoei Kisen has, however, appealed the ship’s seizure and the ins. company UK Club alleged the SCA’s claim is “extraordinarily large” and unsubstantiated. The authority is also coming under pressure to release the ship’s crew members.

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