Suez Canal Blockage Update;  Ever Given (Container Ship) Seizes By Egypt |  7500 crore penalty on cargo ship ever given, the ship incurred a loss of 4.32 lakh crore due to being stuck for 6 days


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The local authority has imposed a heavy fine of more than Rs 7500 crore on the cargo ship Ever Given, stranded in Egypt’s Suez Canal for 6 days. The route got jammed due to the ship being stranded in the canal from 23 March to 29 March. This halted the movement of about 150 other ships.

This only resulted in a loss of more than $ 95 million (Rs 714 crore) to the Suez Canal Authority as transit fees. Now the government has seized the ship. The Egyptian government has taken this step following an order issued by the court of the city of Islamiyah on the appeal of the Suez Canal Authority.

Due to the ship getting stuck, the traffic in the canal was stopped, due to which the ship was losing about 400 million dollars or about 3 thousand crores every hour. 6 days trapped i.e. 144 hours. Accordingly, the ship suffered a total loss of 4 lakh 32 thousand crore rupees.

One billion dollar compensation has been sought
The Suez Canal Authority has sought compensation of nearly one billion dollars (more than 7500 crores) to compensate for the loss to the world’s most important waterways and the business losses. The seizure of the ship along with the demand for compensation has increased the pressure on the Japanese owner to resolve the issue through negotiations with Egyptian authorities.

What caused the trapped ship, will know tomorrow
According to financial analysis firm Refinitive, the jammed in the canal caused by the ship’s loss caused the Suez Canal Authority alone to lose $ 9.5 million (Rs 714 crore) in transit fees. The investigation report of what caused the ship to fall into the canal is expected to be released tomorrow, April 15. Given Hour is currently anchored on the Great Bitter Lake in Egypt with 25 crew members.

Of compensation Claim Big, unfounded: insurance company
Britain’s UK P&I club, which insured a third-party loss for the Japanese container ship, issued a statement on Tuesday saying it had sought compensation of $ 916 million from the Japanese owner of Ever Given. According to the statement, the larger claim for compensation has no basis, but the container ship’s owner and its insurance companies are in talks with the Suez Canal Authority.

On 12 April Compensation offered
The insurance company has said in its statement, “On April 12, after a lot of thought, a huge amount was offered to the Authority as compensation. But today the Suez Canal Authority decided to seize the ship, which is hurting us a lot. ‘

Ship departed with hard work of six days
The Indian crew’s container ship Ever Given was trapped in the Suez Canal on 23 March, causing other ships to stall there. The Suez Canal Authority managed to lift the ship back into the water again on March 29 after a hard effort of six days and remove the jam.

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Mohit Yadav

By Mohit Yadav

Mr. Mohit Yadav holds a degree of M.A. in Mass Communication with specialization in journalism. He has a work experience of 6 years and has worked overseas also. He is chief journalist and covers National news. You can contact him here Email:- mohit@latestindianewstoday.com