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(Ecofin Agency) – The Suez Canal Authority has reduced by one-third its compensation claims from the owners of Ever-Given, the container carrier that blocked the waterway for 6 days in March.
From $900 million, claims now amount to $600 million. According to Osama Rabie, the President of the Suez Canal Authority, the money will cover losses in transit rights, damages caused during dredging and rescue operations as well as equipment and labor costs. Earlier last month, an Egyptian court had authorized the seizure of the ship, pending an agreement.
As a reminder, the Suez Canal is a route of about 190 km and 345 m wide, which allows saving two weeks on a trip between Asia and Europe. Every year, it carries 10% of international trade, i.e. 1.1 billion tons of goods. Its operation constitutes, for Egypt, the second source of revenue with $5.5 billion annually, just behind tourism.
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