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Egypt impounds Ever Given ship over $900 million Suez Canal compensation bill

Egyptian authorities have seized the Ever Given, the massive cargo ship that blocked the Suez Canal for almost a week and wreaked havoc on the port, causing significant financial damages. A dispute over financial responsibility for these damages is ongoing, prompting Egypt to impound the ship. This week, an Egyptian court ordered the ship’s owner, Shoei Kisen Kaisha, to pay $900 in compensation for the losses inflicted over the week-long period in which no cargo could get in or out of the trading hub.

The fee includes maintenance fees and the costs of the rescue operation, according to Al Ahram, a local media outlet. To free the ship, an international salvage operation worked tirelessly to dislodge the cargo carrier from the banks as the situation intensified by the day in both urgency and global attention. Ships transporting vital fuel and cargo were denied entry from the canal, creating a plethora of implications. The Ever Given was freed on March 19 and transported to a nearby lake to be inspected.

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