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Egyptian court removes the detention order of Ever given container ship in Suez Canal.

Image Credit: AP

Today, the Egyptian court lifted the detention order of the Ever Given container ship in the Suez Canal, months after it blocked the Suez canal for a week, halting hundreds of containers from passing to access the Mediterranean Sea in the busiest shipping route in the World.

The insurers and owners of the Ever Given container ship reached a settlement deal with the Suez Canal authorities to pay up compensation for the blocking of the Suez Canal after the ship lost its direction and became stuck in the canal.

Around 400 container ships and tankers had to anchor to wait for the ship to be dislodged from its position. The ship was than seized once it got dislodged, since the owners did not pay the costs caused by the canal blockage. According to Lloyd’s estimates the waiting costs due to the accident amounted to $9.6 billion a day.

Initially, the Suez Canal Authority (SCA) demanded $916 million in compensation but it was than lowered to $550 million.

More details to follow.

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