Suez ship case adjourned as canal operator assesses new offer

[CAIRO] An Egyptian court adjourned a case over the giant ship that blocked the Suez Canal to allow the waterway's operator time to assess the latest offer of financial compensation.

The court in the city of Ismailia said the next hearing will be on July 4.

"We submitted a proposal that we believe satisfies all the requirements of the Suez Canal Authority," Stann Marine Ltd, a consultancy representing the Ever Given's owners and insurers, said in a statement Sunday. The adjournment should allow for the "necessary time to reach a final and amicable solution that satisfies all parties." The 400-meter-long Ever Given, one of the world's largest container vessels, ran aground in the southern part of the canal in late March, blocking it for six days and roiling shipping markets. The SCA initially demanded more than US$900 million to cover the loss of transit fees, damage to the waterway during the dredging and salvage efforts, and the cost of equipment and labor. It later reduced the amount to around US$550 million.

Japan's Shoei Kisen Kaisha Ltd., the owner, and the ship's insurers had offered to pay US$150 million, though the sides have since been negotiating out of court.

After being freed on March 29, the Ever Given was sailed to the Great Bitter Lake - about halfway along the canal - and has since been kept there by Egyptian authorities.

BLOOMBERG