The Suez Canal Authority (SCA) has demanded $916 million in compensation from owner of the Ever Given, Japanese company Shoei Kisen, for damages and financial losses caused by the ship’s week-long blockage of the canal.
But on a week ago, an Egyptian court postponed a hearing in the suit filed by the Suez Canal authority, hoping more time for negotiations might help. The huge ship, one of the largest on the oceans, stopped the flow of ships through the canal when it became lodged across the passage.
The canal’s authority lost massive amounts of revenue but now says it is willing to come down from the initial compensation demand.