Egypt Agrees Deal To Release Ship That Blocked Suez Canal

Egypt Agrees Deal To Release Ship That Blocked Suez Canal

The megatanker retained by Egypt since it blocked the Suez Canal in March will be released.

Andrew H. Sweet
Andrew H. Sweet

Egypt retained the vessel - seeking compensation from Japanese firm Shoei Kisen Kaisha for lost canal revenues and the cost of salvaging it and for damage to the shipping lane that links Asia and Europe.

The Suez Canal Authority said that a ceremony would be held to mark the signing of an agreement with the owners and "the departure of the ship."

The statement did not disclose the amount of compensation.

According to the Suez Canal Authority, Egypt lost between €10 million and €12.5 million in revenues for each day the waterway was closed.

Initially, Egypt had sought hundreds of millions of dollars in compensation, but it later slashed its initial claim of $900 million to $550 million (€463 million).

Read the original story here.

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