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Losses Mount for Chinese Companies as Egypt Seizes Suez Tanker
The cargo ship Ever Given is seen on March 29 after running aground in the Suez Canal in Eygpt six days earlier. Photo: VCG
Chinese companies with goods on the Ever Given are facing mounting losses due to even longer delays getting their shipments delivered after Egyptian authorities seized the giant cargo vessel and demanded almost $1 billion in compensation for blocking the Suez Canal for about a week.
Setting out from Kaohsiung in southern Taiwan, the now freed container ship made stops at ports including Qingdao, Shanghai and Ningbo, with estimates that over 80% of the goods aboard are from Chinese companies, according to data from freight logistics platform Yunquna. The data showed that the Ever Given was loaded with 18,300 containers carrying goods worth about $3.5 billion.
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The order for its seizure was given by an Egyptian court as talks between the Suez Canal Authority (SCA) and the Ever Given s Japanese company owner, Shoei Kisen Kaisha (Kisen), along with its insurers, about who should pay for the losses, continue.
The ship has been moved to a section of the canal known as the Great Bitter Lake where it is being inspected and repaired, as well as to allow traffic to pass.
A crew of 25 Indian nationals also remain onboard the ship.
Suez Canal Authority: They don t want to pay anything
The head of the SCA, Osama Rabie, highlighted that the Kisen was attempting to reduce the bill by 90 per cent and that they don t want to pay anything.