The ship that closed the Suez Canal near Egypt for several days at the end of March is still being held captive. An Egyptian court rejected the Japanese owner’s appeal against the previous detention.
The authorities are asking the ship’s owners for $ 900 million in compensation. This is the amount that Egypt spent on the rescue operation. In April, the court allowed the confiscation of the 400-meter-high vessel while Egypt’s compensation was being discussed.
The Evergreen Giffin was trapped in the Suez Canal for about a week. This is one of the most important waterways in the world. About one-eighth of global trade in goods passes through the 120-mile (193 km) waterway between the Red Sea and the Mediterranean. Typically, nearly $ 10 billion in cargo passes through the canal every day.
The week-long blockage resulted in long traffic jams for ships on both sides of the canal. More than 350 ships had to wait before they could pass. Some ships heading to Europe from Asia decided to sail around Africa.
Degree
It was not immediately clear the reason behind the judge’s ruling on Tuesday. The SCA argued that the claimant had not notified all parties within the time limit for their objection to the vessel’s seizure.
UK Club, the ship’s insurance company, says owners are reviewing a judge’s decision. They have until May 20 to appeal.
The ship’s insurance company and technical director BSM had previously expressed disappointment over the takeover. It was previously reported that the reasons for the detention of the vessel would be at least questionable. For example, there are questions about the validity of holding a charge. Nor will there be evidence to support a claim of more than $ 900 million.
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