Egypt will not release the Ever Given container without compensation

"The ship will remain here until the investigation and compensation payment are completed," said Osama Rabie, head of the Suez Canal Board, on Egyptian state television, which the Wall Street Journal cites.

"We hope for a quick agreement. The moment they agree to compensation, the ship will be able to move" - he stressed.

Rabie did not determine what amount the Egyptian authorities claimed as compensation. Last week, he said Egypt could demand about one billion dollars to cover the cost of the ship's release operation, the loss of transit fees – an important source of foreign currency for the country and other costs associated with the blocking of the Channel.

According to an assessment by the London analytical company Refinitiv, the blockade of the Suez Canal itself cost Egypt $95 million of lost transit fees.

Through the Suez Canal flows around 15% of world trade, for Egypt the trail is an important source of income, due to its closure the country lost $15 million a day.

The container Ever Given was stranded on the Suez Canal on March 23. After less than a week, on March 29, an investigator entered his deck to investigate the cause of the accident and assess whether the unit had any damage. A total of 422 ships were blocked on the Channel, including container ships.

According to preliminary findings, Ever Given was stranded due to the captain's poor maneuver during a sandstorm and strong wind.

Source: PAP