Egypt court to rule on Suez Canal versus Ever Given today

An Egyptian court is set to rule in a case by Suez Canal Authority against the owner of the giant container ship Ever Given that blocked the Egyptian vital waterway for almost a week in March.

The 400-metre-long container ship is owned by Japan’s Shoei Kisen Kaisha Ltd. and was chartered by Taiwan’s Evergreen Line when it was jammed across the southern end of the waterway for six days, roiling shipping markets.

The Suez Canal Authority is demanding compensation to cover the loss of transit fees, damage to the waterway during the dredging and salvage efforts, and the cost of equipment and labour.

The operator’s lawsuit argued it should get $916 million in compensation, though the company’s chairman said it would accept $600 million only. The ship’s insurers have said that compensation amount is still too much.

The Egyptian court is also set to rule on an appeal by the owners of the ship against a May 4 decision that upheld an order preventing Ever Given from leaving the country. The container ship is currently anchored in the Suez Canal.