Suez Canal Authority Can Hold Errant Ship, Court Rules
An Egyptian court ruled that the Suez Canal Authority can continue to hold a Japanese-owned container ship that held up canal traffic for nearly a week in March while waiting for a compensation settlement.
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The Ever Given container ship ran aground in the canal across both lanes, halting sea traffic in both directions for nearly a week in March and costing the canal authority tens of millions of dollars.
The Suez Canal Authority has sued ship owner Shoei Kisen for $916 million in compensation, Reuters reported. The authority has said it would be willing to accept $550 in an out of court settlement. Authority chairman Osama Rabie said Sunday that he would authorize the release of the ship for a deposit of $200 million. A hearing is scheduled for May 29.
