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Ever Given owner to pay for Suez Canal blockage

Ever Given owner to pay for Suez Canal blockage

The Suez Canal blockage saga may end with an amicable agreement. It has been reported that the owner of the Ever Given container ship is willing to compensate for the damages incurred during a week-long traffic jam of one of the busiest sea routes. Admiral Mohab Mamish, an adviser to the President of Egypt, said that the owner of the vessel agreed to pay compensation. This will help the captain of Ever Given to avoid detention as well as to evade other legal restrictions.

According to Mamish, there will be no court trial since the company that owns the container ship wants to cover all the losses and is eager to reach an agreement. Most likely, the investigation of the incident will be completed in a week. 

The parties involved have already assessed the damages caused by the incident. The amount of payment could be around $1 billion, the Suez Canal Authority said. Meanwhile, the Bloomberg calculation shows that the damage to the global economy from a massive boat blocking in the Suez Canal is worth $9.6 billion. However, neither the Suez Canal Authority nor the Ever Given owner are willing to bear responsibility for the world economy.

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