Reinsurers Will Bear Most of Costs of Container-Ship Grounding in Suez Canal April 8, 2021 By Jonathan Saul and Carolyn Cohn LONDON — Reinsurers are set to foot most of the bill for the grounding of the ship that halted traffic...
Egypt Seeks Out-of-Court Settlement with Owners of Huge Ship that Blocked Suez Canal April 7, 2021 By Samy Magdy ISMAILIA, Egypt – The Suez Canal chief said Tuesday that authorities are negotiating a financial settlement with the owners of...
Suez Canal Must Upgrade to Avoid Future Shipping Disruption: Sources April 5, 2021 By Jonathan Saul and Patrick Werr CAIRO – Egypt’s Suez Canal must move quickly to upgrade its technical infrastructure if it is to avoid future shipping...
Formal Investigations Begin into How Container Ship Ran Around in Suez Canal March 31, 2021 ISMAILIA, Egypt – Formal investigations into how the giant container ship Ever Given ran aground in the Suez Canal, shutting...
Lengthy Legal Battles Expected from Suez Canal’s Longest Closure in Almost 50 Years March 30, 2021 By Aaron Clark, Cindy Wang, Ann Koh and Verity Ratcliffe The Suez Canal may be open again, but the battle over damages from the waterway’s longest closure in almost half...
Insurance Unlikely to Cover All Shipowners’ Expenses Incurred in Suez Closure Chaos March 30, 2021 By Jonathan Saul and Carolyn Cohn The owners and charterers of ships unable to sail through the the Suez Canal for nearly a week face at...
Suez Canal Blockage Likely to Bring Large Losses for Global Reinsurers: Fitch March 29, 2021 The blocking of the Suez Canal and resulting disruption to global shipping is likely to cause a large loss event...
Update: Stranded Container Ship Is Refloated; Suez Canal Shipping Traffic Resumes March 29, 2021 By Yusri Mohamed, Nadine Awadalla and Aidan Lewis ISMAILIA, Egypt – Shipping was on the move again late on Monday in Egypt’s Suez Canal after tugs refloated a...
Suez Canal Blockage Could Cost Global Trade $6B-$10B per Week: Allianz March 26, 2021 BERLIN – The container ship blocking the Suez Canal could cost global trade $6 billion to $10 billion a week,...
Container Ship Could Block Suez Canal Like a ‘Beached Whale’ for Weeks March 25, 2021 By Yusri Mohamed, Gavin Maguire and Florence Tan ISMAILIA, Egypt – A huge container ship blocking the Suez Canal like a “beached whale” may take weeks to free,...