Egypt seizes Suez ship ‘Ever Given’

Egypt seized the giant container vessel that blocked the Suez Canal last month as part of an effort to get almost $1billion in compensation.

A court in the city of Ismailia granted a seizure request regarding the Ever Given vessel at the behest of the Suez Canal Authority.

Egypt’s move underscores the legal complication following the container vessel’s grounding on March 23, which closed the canal for six days and roiled shipping markets. Logjams are expected to continue in the coming weeks at major ports such as Singapore and Rotterdam because of disruptions to schedules, according to supply-chain data provider project44.

Further freight rate escalation is on the cards.

The ship’s insurer for third-party losses, the UK P&I Club, said in a statement that the owner received a claim for $916 million.

The UK P&I club also said it was “disappointed at comments by the SCA that the ship will be held in Egypt until compensation is paid, and that her crew will be unable to leave the vessel during this time.”