Back to the complete issue
Wednesday, 5 May 2021

Not so fast, Ever Given

An Ismailia court has rejected Ever Given owner Shoei Kisen’s appeal against the Suez Canal Authority’s seizure of the container ship, meaning the mega-vessel will remain in Egypt until at least May 22, when a second hearing is scheduled, Bloomberg reports. A decision from the court last month had allowed the authority to seize the ship until it receives payment of over USD 900 mn in compensation for losses incurred by the Ever Given’s week-long blockage of the Suez Canal in March. The Associated Press also has the story.

The reasoning: The basis for the rejection seems to be procedural, with the SCA arguing that Shoei Kisen had not notified all the concerned parties within the required time limit, Reuters reports. The ship’s insurer, UK Club, said Shoei Kisen would have until May 20 to appeal the decision — two days before the second hearing.

Where do things currently stand? Negotiations over the settlement are ongoing with Shoei Kisen, which said last week it wanted the owners of the 18k containers on board to help pay damages. The Suez Canal Authority has said it will offer “great considerations” to the ship owners and that it is “eager” to reach an agreement. Three of the 25 Indian crew members on board were allowed to return home after the expiry of their contracts, the ship’s German manager Bernhard Schulte Shipmanagement said in a statement last week.

A LITTLE SOUTH OF THE CANAL- It’s the Wall Street Journal’s turn to pick up the story of Mohamed Aisha, a Syrian sailor who had been stranded on board an abandoned ship in the Gulf of Suez for over two years.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.