Settlement Deal Signed over Suez Canal Stranding

Society

Ismailia, Egypt, July 7 (Jiji Press)--Egypt's Suez Canal Authority and the owner of the container ship Ever Given, which ran aground in the canal in March, signed an agreement on Wednesday to settle the incident.

The container ship of Shoei Kisen Kaisha Ltd., based in Imabari, Ehime Prefecture, western Japan, which had been moored in a lake adjacent to the canal, set sail 100 days after it was refloated.

The canal authority initially demanded 916 million dollars in compensation for losses stemming from work to refloat the ship and reputational damages. It later reduced the amount to 550 million dollars.

Negotiations between the two sides prolonged as the ship owner expressed doubts over the compensation amount.

In addition, the canal authority claimed negligence on the part of the captain of the Ever Given, including excessive speed. The ship owner argued that the canal authority was responsible for the incident as it had permitted the navigation of the ship despite bad weather.

[Copyright The Jiji Press, Ltd.]

Jiji Press