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EGYPT IS EXPECTING MORE THAN $1 BILLION IN COMPENSATION

According to a top official, Egypt is expecting more than $1 billion in compensation after a cargo ship blocked the Suez Canal for nearly a week.

The top offiical also said that the ship and its cargo will not be allowed to leave Egypt if the issue of damages goes to court.

Lt. Gen. Ossama Rabei, head of the canal authority, said in a phone interview with a pro-government TV talk show on Wednesday that the amount takes into account the salvage operation, costs of stalled traffic, and lost transit fees for the week that the Ever Given had blocked the Suez Canal.

“It’s the country’s right,” Rabei said, without specifying who would be responsible for paying the compensation. He added that in the past, canal authorities and the ship’s owners have had a good relationship.

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