South Africa

New compensation offer made over Suez Canal blockage

The owners of a container ship that blocked the Suez Canal in March have made a new offer in a compensation dispute with the canal authority, and a court ruling on the case was postponed for two weeks on Sunday to allow more time for negotiations.

The giant Ever Given container ship has been anchored in a lake between two stretches of the canal since it was dislodged on March 29. It had been grounded across the canal for six days, blocking hundreds of ships and disrupting global trade.

The Suez Canal Authority (SCA) demanded $916 million in compensation to cover salvage efforts, reputational damage and lost revenue, before publicly lowering the request to $550 million.

The Ever Given's Japanese owners Shoei Kisen and its insurers have disputed the claim and the ship's detention under an Egyptian court order.

Negotiations had been ongoing until Saturday and the ship's owners had made a new offer, SCA lawyer Khaled Abu Bakr told a court hearing over the ship's detention in Ismailia.

Stann Marine, which represents the owners and insurers of the Ever Given, said: "Over the course of more than 15 days and in extended, long and arduous, but positive working sessions, negotiations are taking place."

"During the negotiations we submitted a proposal that we believe satisfies all the requirements of the SCA," it said in a statement, adding that the details would remain confidential.

The SCA's chairman previously said Shoei Kisen had offered to pay $150 million.

A court ruling was due on Sunday after several delays, but Stann Marine said it had asked for an adjournment. Judicial sources said the case was postponed until July 4 to allow for an "amicable settlement".

This week UK P&I Club, one of the ship's insurers, said it was "hopeful of a positive resolution to these negotiations in the near future".


Football news:

Man City will buy Grealish for 100 million pounds, the contract is until 2026. The documents are signed
Tuchel on Lukaku at Chelsea: Many players want to join us. I will not discuss other people's players
Juve will give Demiral Atalanta on loan for 3 million euros with the right to buy for 25 million. Medical examination - On the 5th
Koeman pro 1:2 with Salzburg: Perfect, although I don't like to lose. We had to run a lot
Inter, in the event of Lukaku's departure, will try to buy Zapata from Atalanta, Bergamasca-Abraham from Chelsea
Aston Villa bought Southampton's top scorer Ings for 30 million pounds
Aurelien Tchuameni: Why is it possible to stop the match for 5 minutes because of a millimeter offside, but not because of racist shouts at the stadium?