Egypt 'seizes' Suez megaship, demands nearly $1 billion compensation

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The megaship which blocked Egypt's Suez Canal and crippled world trade for nearly a week has been "seized" on court orders until the vessel's owners pay $900 million, canal authorities said Tuesday.

The 200,000-tonne MV Ever Given got diagonally stuck in the narrow but crucial global trade artery in a sandstorm on March 23, triggering a mammoth six-day-long effort by Egyptian personnel and international salvage specialists to dislodge it.

Maritime data company Lloyd's List said the blockage by the vessel, longer than four football fields, held up an estimated $9.6 billion-worth of cargo between Asia and Europe each day it was stuck.

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Egypt also lost between $12 and $15 million in revenues for each day the waterway was closed, according to the canal authority.

The MV "Ever Given was seized due to its failure to pay $900 million" compensation, Suez Canal Authority chief Osama Rabie was quoted as saying by Al-Ahram, a state-run newspaper.

Rabie did not explicitly cite the Japanese owners Shoei Kisen Kaisha, but a different source at the SCA told AFP Tuesday that negotiations over damages between that company, insurance firms and the canal authority were ongoing.

The Japanese-owned, Taiwanese-operated and Panama-flagged ship was moved to unobstructive anchorage in the canal's Great Bitter Lake after it was freed on March 29, and tailbacks totalling 420 vessels at the northern and southern entrances to the canal were cleared in early April.

The compensation figure was calculated based on "the losses incurred by the grounded vessel as well as the flotation and maintenance costs" Rabie said, citing a ruling handed down by the Ismailia Economic Court in Egypt.

The grounding of the ship and the intensive salvage efforts are also reported to have resulted in significant damage to the canal.

In its court filing, the SCA referred to Articles 59 and 60 of Egypt's maritime trade law which stipulates that the ship would remain seized until the amount is paid in full, Al-Ahram reported.

But analysts have warned that apportioning legal responsibility for losses incurred by the numerous parties is likely to play out in protracted and complex international litigation.

Egypt's President Abdel Fattah al-Sisi has ruled out any widening of the southern stretch of the canal where the boat became diagonally stuck.

Sisi oversaw an expansion of a northern section, which included widening an existing stretch and introducing a 35-kilometre (21-mile) parallel waterway, to much fanfare in 2014-15.

But that was achieved at a cost of over $8 billion, without significantly increasing revenues from the canal.

The Suez Canal earned Egypt just over $5.7 billion in the 2019/20 fiscal year, according to official figures -- little changed from the $5.3 billion earned back in 2014.

Egyptian authorities have presented the dislodging of the ship as a vindication of the country's engineering and salvage capabilities, but observers point also to the crucial role played by international salvage experts.
https://www.rawstory.com/egypt-seizes-s ... pensation/

I wonder if the insurance company for the ship will pay and then sell for salvage? Best bet is to pay up and raise the rate a little to recoup losses. If they don't pay the Egyptians could decide to forbid the shipping company from using the Suez Canal. Making them go around Cape of Good Hope or Cape Horn. Both are very dangerous and long routes. But the Japanese could sell the ship to the Formosa Group and Mitch McConnell's wife could get Donald to smooth things over for a small price.
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Re: Egypt 'seizes' Suez megaship, demands nearly $1 billion compensation

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TrueTexan wrote: Tue Apr 13, 2021 4:47 pmBut the Japanese could sell the ship to the Formosa Group and Mitch McConnell's wife could get Donald to smooth things over for a small price.
If The Former Guy won't stick up for his tried-and-true perfect toady, what makes you think he'd stick up for Mitch, whom he just totally trashed, calling him "a dumb son of a bitch" and "a loser", and castigating Chao for quitting right after TFG's coup attempt failed on Jan 6? Of course, unless he has someone in his corner (whom he'll then turn on and screw over) or serious dirt to commit blackmail, he couldn't cut a deal like that to save his own life.
"Even if the bee could explain to the fly why pollen is better than shit, the fly could never understand."

Re: Egypt 'seizes' Suez megaship, demands nearly $1 billion compensation

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TrueTexan wrote: Tue Apr 13, 2021 4:47 pm< snip-de-dip! >

Maritime data company Lloyd's List said the blockage by the vessel, longer than four football fields, held up an estimated $9.6 billion-worth of cargo between Asia and Europe each day it was stuck.

< more snippage >
Asking for a friend, but how TF long IS a football field? And is that "Soccer" which the rest of the world calls football, or US football, which isn't?

How many people are completely incapable of understanding feet or metres?

Rant off. For the record, Ever Given is 399.94 m, or 1,312'-2". That's just a hair shorter than a quarter-mile.
Also, 199.629 dwt and 20,124 TEU for shippy types.
"We have met the enemy and he is us." Pogo.
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Re: Egypt 'seizes' Suez megaship, demands nearly $1 billion compensation

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SailDesign wrote: Tue Apr 13, 2021 9:08 pm
TrueTexan wrote: Tue Apr 13, 2021 4:47 pm< snip-de-dip! >

Maritime data company Lloyd's List said the blockage by the vessel, longer than four football fields, held up an estimated $9.6 billion-worth of cargo between Asia and Europe each day it was stuck.

< more snippage >
Asking for a friend, but how TF long IS a football field? And is that "Soccer" which the rest of the world calls football, or US football, which isn't?

How many people are completely incapable of understanding feet or metres?

Rant off. For the record, Ever Given is 399.94 m, or 1,312'-2". That's just a hair shorter than a quarter-mile.
Also, 199.629 dwt and 20,124 TEU for shippy types.
Yup, approximately 4.37 football fields, or 3.64 if you count both end zones. NFL fields anyway.

Converting to something people here can better relate to: 399.94 m is approximately 1,570,000 caliber. Probably makes more sense expressing it that way than something confusing like meters or yards. You're welcome.

:thumbup:

Re: Egypt 'seizes' Suez megaship, demands nearly $1 billion compensation

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lurker wrote: Wed Apr 14, 2021 7:39 am
cooper wrote: Wed Apr 14, 2021 12:05 am 1,570,000 caliber. Probably makes more sense expressing it that way than something confusing like meters or yards. You're welcome.
millimeters would work too, for anyone who shoots those old eurotrash guns or US service rifles since the 50s
:cry: No love for euro guns, sniff.. :shoot2: :shoot2: :roflmao:
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"Resistance is futile. You will be assimilated!" Loquacious of many. Texas Chapter Chief Cat Herder.

Re: Egypt 'seizes' Suez megaship, demands nearly $1 billion compensation

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mine shoots 30 mauser. prewar commercial, made around 1912, no acceptance markings. i got it as as a shot-out c&r from J&G Sales around '95 for a very good price, have spent a hundred or so at https://www.kbtacticalstar.com/index.ph ... y&path=105 replacing parts. couple of bad rust pits, not really reliable yet, and no visible rifling but it shoots usually and always draws admirers at the range.
LUGO1076.JPG
thread creep. :bananadance:
Last edited by lurker on Fri Apr 16, 2021 9:32 am, edited 2 times in total.
i'm retired. what's your excuse?

Re: Egypt 'seizes' Suez megaship, demands nearly $1 billion compensation

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INVICTVS138 wrote: Thu Apr 15, 2021 7:55 am Yeah that’s awesome - the type of Mauser I want with imperial German proofs & 9mm are going for $4500, which coincidentally is about ho much I have to spend on my soon to be 16 y/o son’s car! Guess what won out... someday my ship will come in. I’m probably going to get my C&R soon anyways.


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C&R does NOT save money. You can be assured on that fact.

My first car at 16 was a nine year old Chevy Coupe straight six and needed major work (done by me with eyes over my shoulder and hot breath on the back of my neck) before I was allowed to drive it. Then I had to drive in reverse all over the neighborhood before I was allowed to face forward.
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