Egypt seeks $ 1 billion in compensation following Suez Canal incident

“It is the law of the country,” Rabei said, without specifying who would be responsible for paying the compensation. He added that before the incident, the canal authorities and the shipowners had good relations.

The massive cargo ship is currently in one of the canal’s lakes as an investigation into the grounding is underway, according to authorities and ship managers.

>> Read more: They released the stranded ship in the Suez Canal

Ever Given technical management company Bernard Schulte Shipmanagement said the ship’s crew were cooperating with authorities in their investigation into what had led to it running aground. He explained that Suez Canal Authority investigators had access to the voyage data recorder, also known as the ship’s black box.

Rabei said if the investigation is carried out without a problem and an agreement is reached on the amount of compensation, the freighter will be able to resume its journey without problems. However, if the issue of financial compensation is argued, then the Ever Given and its cargo valued at around $ 3.5 billion will not be able to leave Egypt, he said in televised statements.

The dispute could be complex, given that the vessel is owned by a Japanese company, operated by a Taiwanese carrier and is under the Panamanian flag.