Suez Megaship Owner Haggles Over $900m Release Demand

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 to dislodge it.

The Japanese owner of a megaship seized after blocking the Suez Canal has said it is negotiating with Egyptian authorities after they demanded $900 million in compensation for its release. 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 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. Egypt also lost between $12 and $15 million in revenues for each day the waterway was closed, according to the canal authority.