Back to the complete issue
Sunday, 6 June 2021

Ever Given blame game continues…

A solution to the Ever Given dispute seemed further away than ever over the weekend as the Suez Canal Authority and the ship’s insurer traded public accusations over who was responsible for the six-day blockage of the canal.

We seemed to be getting somewhere last month when the SCA agreed to slash its compensation demand to USD 550 mn.

But the two sides are evidently no closer to agreeing on how to apportion responsibility after the Ever Given’s insurer UK Club on Thursday argued that the SCA should have prevented the ship from travelling at such high speeds, only for Rabie to yesterday accuse the ship’s captain for being solely responsible for the incident.

UK Club and the ship’s owner, Shoei Kisen, have said nothing to suggest that they will meet the SCA’s revised claim. Shoei Kisen reportedly offered to pay the authority USD 150 mn, less than a third of what the SCA is asking for.

There will either be a solution or more can-kicking later this month: The Ismailia Economic Court will hold a hearing on the case on 20 June.

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 HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; 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; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.