Egypt Has Seized The Ever Given, Claiming Owners Owe Almost $1 Billion For Epic Traffic Jam

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After a week where the Ever Given was stuck in the Suez Canal, the boat is once again stuck in Egypt, and this time, it’s being held there by the state.

Egypt has seized the boat due to its owners’ failure to pay $900 million in lost revenue caused by the unforgettable logjam it caused, according to a report from Ahram Gate. The lost revenue includes the money lost by not allowing ships to get through the canal, the damage done to the canal, and the labor costs for the Ever Given’s excavation.

Currently, the Ever Given is sitting in Egypt’s Great Bitter Lake at the midpoint of the Suez Canal.

The Suez Canal Authority requested that the ship be seized, as Egypt’s maritime law allows the seizure of ships that have outstanding debt, including debts caused by an accident. Osama Rabie, chairman of the Suez Canal Authority, told state television that the ship would remain in Egypt until an investigation concluded and compensation was paid. “The minute they agree to compensation, the vessel will be allowed to move,” he said.

However, the “they” in that sentence is unclear, as several companies are responsible for various aspects of the ship. The ship is owned by Shoei Kisen Kaisha, a Japanese holding company, leased by Taiwan-based conglomerate Evergreen Marine Corp., and German firm Bernhard Schulte Shipmanagement was responsible for hiring the crew. Egypt has not made clear which company it expects to pay for the damage. Shoei Kisen Kaisha is reported to be in negotiations with Suez authorities.

Complicating matters is the fact that while all the financial politicking goes on, the Ever Given’s crew of 25 Indian Nationals on board. The National Union of Seafarers in India is arguing that the crew should be allowed off the boat at the very least and that holding them on the ship is akin to holding them for ransom.

Source: https://news.knowyourmeme.com/news/egypt-has-seized-the-ever-given-claiming-owners-owe-almost-1-billion-for-epic-traffic-jam