Suez Canal Authority Still in Talks About Compensation for Grounding of Container Ship

Egypt is still in talks about compensation stemming from the operations to free the giant container ship whose stranding in the Suez Canal for nearly a week roiled global cargo markets, the canal authority’s chief said Monday.

It’s likely that insurance companies will cover most of the amount associated with the efforts to free the 400-meter-long Ever Given, Osama Rabie said in an interview with Bloomberg. He didn’t specify the amount Egypt is seeking, but Rabie has said before the figure could be in the range of $1 billion.

Read more: Huge Ship That Blocked Suez Canal Will Be Held Until Compensation Deal Is Reached

Rabie, speaking in a news conference, also said that he expects the investigation into why the ship got stuck at the entrance of the canal will be completed by the end of the week.

Photograph: The Ever Given container ship moves along the Suez Canal towards Ismailia after being freed from the canal bank in Suez, Egypt, on Monday, March 29, 2021. The giant Ever Given container ship was finally pulled free from the bank of the Suez Canal, allowing for a massive tail back of ships to start navigating once again through one of the world’s most important trade routes. Photo credit: Islam Safwat/Bloomberg.