CAIRO – Egypt will not release a large container ship blocking the Suez Canal for nearly a week in March until the ship’s owner agrees to pay up to a billion dollars in compensation, according to local authorities. How was the product received? Jammed on and off one of the world’s most important waterways.
“The ship will be here until the investigation is complete and will be compensated,” Osama Rabie, president of the Suez Canal Authority, told Egyptian state television on Thursday.
“We look forward to a quick deal,” he said, “the minute they agree to compensate the boat will be allowed to move.”
Rabi did not say on Thursday how much the Egyptian authorities needed compensation. But he said last week that Egypt needed $ 1billion in operating expenses to free the ships, the loss of transportation fees, Egypt’s main foreign currency and other expenses from the operation. Blocking the canal which caused More than 400 traffic jams on both sides of the lane.
The Suez Canal Authority did not say how Mr Rabi arrived at the body, including the amount spent on the release of the boat. The blockage cost the Egyptian state $ 95 million in shipping fees, according to estimates by London-based financial analyst Refinitiv. But Egyptian officials also said they would recoup lost earnings when they restart traffic through the canal.