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Agreement to release the ship that closed the Suez Canal

Agreement to release the ship that closed the Suez Canal

Cairo | Today, Sunday, the Suez Canal Authority announced an agreement to release the giant container ship on Wednesday since when, was chosen after the closing of the Suez Canal at the end of March, an important sea route for international trade.

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An agreement was reached with the ship owner, according to a statement issued by the Securities and Commodities Authority. The text added that a ceremony is scheduled for Wednesday to celebrate the “signing of the agreement” and “the departure of the ship”, which the Egyptian authorities stopped in one of the Bitter Lakes.

With a capacity of more than 200,000 tons, thesince when It ran aground on March 23, blocking traffic on the canal where nearly 10% of global maritime trade passes, according to experts.

The siege lasted six days. According to the Suez Canal Authority (SCA), Egypt lost between $12 million and $15 million (about €9.8 million to €12.5 million) per day as it was closed.

At the end of June, the Securities and Commodities Authority announced a “preliminary” agreement on compensation between Egypt and the owner of the bridgesince whenAfter intense negotiations involved insurance companies on the ship.

The main dispute between Egypt and the Japanese company, Shui Kesen, owner of the ship, was over the amount of compensation.

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Cairo had initially demanded $916 million (767 million euros), before reducing the amount to 600 and then to 550 million dollars (about 461 million euros). A total of 422 ships loaded with 26 million tons of cargo were stranded in March.