Ismailia, Egypt – owner of Container ship blocking the Suez Canal in March The dispute with the channel’s rights made a new motion for compensation, and the court’s decision on the matter was postponed by two weeks on Sunday to allow more time for negotiations.
The giant ship Ever Given has been placed in a lake between two sections of the channel since it was Removed from channel on 29 March. It remained stranded for six days, blocking hundreds of ships and disrupting global trade.
The authority’s chairman had previously said that Shui Qian had offered to pay $150 million.
About 12% of world trade flows through the Suez Canal, making it so strategic that world powers have been fighting over the waterway since its completion in 1869. About 30% of the world’s shipping container volume crosses the 193 km canal daily.
At the time, however, Captain Aida IV was serving as the ship’s first officer, which was hundreds of kilometers from Alexandria.
About the author: Muhammad Wayne
Wayne is a reporter who covers everything from oil trading to China's biggest conglomerates and technology companies. Originally from Chicago, he is a graduate of New York University's business and economic reporting program.