Suez Canal: Egypt expects US$1 billion in damages after Ever Given finally removed, says ship may have to remain in country

Apr 1, 2021 | INVESTING

Egypt is expecting more than US$1 billion in compensation after a cargo ship blocked the Suez Canal for nearly a week, according to the top canal official. He also warned the ship and its cargo will not be allowed to leave Egypt if the issue of damages goes to court.Lieutenant General Ossama Rabei, head of the canal authority, said in a phone interview with a pro-government television talk show on Wednesday that the amount takes into account the salvage operation, costs of stalled traffic and…

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