Egypt Wants $1 Billion In Compensation For Suez Blockage

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    By Tarek El-Tablawy (Bloomberg) — Egypt said it may seek around $1 billion in compensation after the giant containership Ever Given blocked the Suez Canal for almost a week and roiled shipping markets.

    The figure is a rough estimate of losses linked to transit fees, damages incurred during the dredging and salvage efforts, the cost of the equipment, and labor, Suez Canal Authority chief executive Osama Rabie said late Wednesday to local television channel Sada Elbalad.

    He did not specify who the Canal Authority would seek compensation from.

    “This is the right of the country,” Rabie said, adding that the incident hurt Egypt’s reputation.

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