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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.
Taiwan s Evergreen weighs options to transfer arrested Ever Given cargo spglobal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from spglobal.com Daily Mail and Mail on Sunday newspapers.
Egypt seized a giant container vessel that closed off the Suez Canal last month as it sought compensation of over $900 million for the blockage. A court in the city of Ismailia granted the request regarding the Ever Given vessel at the behest of the Suez Canal Authority, state-run Ahram Gate reported on its website. It did not say who the SCA wants compensation from. The ship’s insurer for third-party losses, the U.K. P&I Club, said in a statement that the owner received a claim for $916 million, the size of which is “largely unsupported.” It said it was disappointed that the vessel was arrested on Tuesday.
Cairo: Egypt seized a giant container vessel that closed off the Suez Canal last month as it sought compensation of over $900 million for the blockage.
A court in the city of Ismailia granted the request regarding the Ever Given vessel at the behest of the Suez Canal Authority, state-run Ahram Gate reported on its website. It did not say who the SCA wants compensation from.
The ship s insurer for third-party losses, the UK P&I Club, said in a statement that it received a claim for $916 million, the size of which is largely unsupported. It said it was disappointed that the vessel was arrested on Tuesday.