Egypt’s Suez Canal revenue rose to a record $5.84 billion in its 2020-21 financial year (July-June), up from $5.72 billion in the previous year despite the coronavirus pandemic’s effect on world trade as well as a six-day blockage by a giant Ever Given cargo ship.

Egypt’s Suez Canal reports record revenue despite Ever Given ship blockage

The Ever Given ship that blocked Egypt's Suez Canal in March is said to be released this week, after the authority that manages the vital waterway said a deal was reached with its Japanese owners.

World Business Watch: Ever Given ship that blocked Suez Canal to be released

Ever Given ship that blocked Suez Canal to be released after settlement is reached

Egyptian officials made their most specific allegations against the container ship's captain. The officials have said that the captain gave too many commands and accused him of losing control of the Ever Given ship.

Egyptian officials accuse captain of losing Ever Given ship's control in Suez Canal

According to Suez Canal authority, the container ship that got stuck in the Canal in March was struggling to steer because of its high speed and the size of its rudder, and could have chosen not to enter the waterway in bad weather.

Suez Canal blames Ever Given container ship's grounding on speed, rudder size

The mega-ship which blocked Egypt's Suez Canal and crippled world trade for nearly a week has been "seized" on court orders until the vessel's owners pay $900 million, canal authorities said Tuesday.

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 by Egyptian personnel and international salvage specialists 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.

The MV "Ever Given was seized due to its failure to pay $900 million" compensation, Suez Canal Authority chief Osama Rabie was quoted as saying by Al-Ahram, a state-run newspaper.

Rabie did not explicitly cite the Japanese owners Shoei Kisen Kaisha, but a different source at the SCA told AFP Tuesday that negotiations over damages between that company, insurance firms and the canal authority were ongoing.

The Japanese-owned, Taiwanese-operated and Panama-flagged ship was moved to unobstructive anchorage in the canal's Great Bitter Lake after it was freed on March 29, and tailbacks totalling 420 vessels at the northern and southern entrances to the canal were cleared in early April.

The compensation figure was calculated based on "the losses incurred by the grounded vessel as well as the flotation and maintenance costs" Rabie said, citing a ruling handed down by the Ismailia Economic Court in Egypt.

The grounding of the ship and the intensive salvage efforts are also reported to have resulted in significant damage to the canal.

Complex litigation

In its court filing, the SCA referred to Articles 59 and 60 of Egypt's maritime trade law which stipulates that the ship would remain seized until the amount is paid in full, Al-Ahram reported.

But analysts have warned that apportioning legal responsibility for losses incurred by the numerous parties is likely to play out in protracted and complex international litigation.

Egypt's President Abdel Fattah al-Sisi has ruled out any widening of the southern stretch of the canal where the boat became diagonally stuck.

Sisi oversaw an expansion of a northern section, which included widening an existing stretch and introducing a 35-kilometre (21-mile) parallel waterway, to much fanfare in 2014-15.

But that was achieved at a cost of over $8 billion, without significantly increasing revenues from the canal.

The Suez Canal earned Egypt just over $5.7 billion in the 2019/20 fiscal year, according to official figures -- little changed from the $5.3 billion earned back in 2014.

Egyptian authorities have presented the dislodging of the ship as a vindication of the country's engineering and salvage capabilities, but observers point also to the crucial role played by international salvage experts.

The mega-ship which blocked Egypt's Suez Canal and crippled world trade for nearly a week has been "seized" on court orders until the vessel's owners pay $900 million, canal authorities said Tuesday.

The mega-ship which blocked Egypt's Suez Canal and crippled world trade for nearly a week has been "seized" on court orders until the vessel's owners pay $900 million, canal authorities said Tuesday. 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 by Egyptian personnel and international salvage specialists 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. The MV "Ever Given was seized due to its failure to pay $900 million" compensation, Suez Canal Authority chief Osama Rabie was quoted as saying by Al-Ahram, a state-run newspaper. Rabie did not explicitly cite the Japanese owners Shoei Kisen Kaisha, but a different source at the SCA told AFP Tuesday that negotiations over damages between that company, insurance firms and the canal authority were ongoing. The Japanese-owned, Taiwanese-operated and Panama-flagged ship was moved to unobstructive anchorage in the canal's Great Bitter Lake after it was freed on March 29, and tailbacks totalling 420 vessels at the northern and southern entrances to the canal were cleared in early April. The compensation figure was calculated based on "the losses incurred by the grounded vessel as well as the flotation and maintenance costs" Rabie said, citing a ruling handed down by the Ismailia Economic Court in Egypt. The grounding of the ship and the intensive salvage efforts are also reported to have resulted in significant damage to the canal. Complex litigation In its court filing, the SCA referred to Articles 59 and 60 of Egypt's maritime trade law which stipulates that the ship would remain seized until the amount is paid in full, Al-Ahram reported. But analysts have warned that apportioning legal responsibility for losses incurred by the numerous parties is likely to play out in protracted and complex international litigation. Egypt's President Abdel Fattah al-Sisi has ruled out any widening of the southern stretch of the canal where the boat became diagonally stuck. Sisi oversaw an expansion of a northern section, which included widening an existing stretch and introducing a 35-kilometre (21-mile) parallel waterway, to much fanfare in 2014-15. But that was achieved at a cost of over $8 billion, without significantly increasing revenues from the canal. The Suez Canal earned Egypt just over $5.7 billion in the 2019/20 fiscal year, according to official figures -- little changed from the $5.3 billion earned back in 2014. Egyptian authorities have presented the dislodging of the ship as a vindication of the country's engineering and salvage capabilities, but observers point also to the crucial role played by international salvage experts.

Egypt 'seizes' Suez megaship, demands nearly $1 billion compensation

All ships stranded by the grounding of the giant container ship Ever Given in the Suez Canal in March had passed through the canal by Saturday, ending the backlog that built up during the blockage, the canal authority said.

The last 61 ships, out of 422 ships that were queuing when the vessel was dislodged on Monday, passed through the vital trade artery on Saturday, the Suez Canal Authority (SCA) said.

<a href="https://www.wionews.com/videos/egypts-suez-canal-authority-shipping-traffic-jam-over-375196">Watch |</a>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/egypts-suez-canal-authority-shipping-traffic-jam-over-375196/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

International supply chains were thrown into disarray when the 400-metre-long (430-yard) Ever Given ran aground in the canal on March 23, with specialist rescue teams taking almost a week to free her after extensive dredging and repeated tugging operations.

In total, 85 ships had been due to pass through the canal on Saturday including 24 ships that arrived after Ever Given was dislodged, the SCA said.

An SCA investigation began on Wednesday into what caused the vessel to run aground in the canal and block the waterway for six days, the canal authority’s chairman, Osama Rabie, told the MBC Masr private TV late on Friday.

“The investigation is going well and will take two more days, then we will announce the results,” he added.

All ships stranded by the grounding of the giant container ship Ever Given in the Suez Canal in March had passed through the canal by Saturday, ending the backlog that built up during the blockage, the canal authority said.

All ships stranded by the grounding of the giant container ship Ever Given in the Suez Canal in March had passed through the canal by Saturday, ending the backlog that built up during the blockage, the canal authority said. The last 61 ships, out of 422 ships that were queuing when the vessel was dislodged on Monday, passed through the vital trade artery on Saturday, the Suez Canal Authority (SCA) said. Watch | International supply chains were thrown into disarray when the 400-metre-long (430-yard) Ever Given ran aground in the canal on March 23, with specialist rescue teams taking almost a week to free her after extensive dredging and repeated tugging operations. In total, 85 ships had been due to pass through the canal on Saturday including 24 ships that arrived after Ever Given was dislodged, the SCA said. An SCA investigation began on Wednesday into what caused the vessel to run aground in the canal and block the waterway for six days, the canal authority’s chairman, Osama Rabie, told the MBC Masr private TV late on Friday. “The investigation is going well and will take two more days, then we will announce the results,” he added.

Suez Canal shipping backlog ends, days after giant vessel freed

Days after the Ever Given vessel successfully refloated, the Suez Canal Authority is close to clearing the backlog in one of the busiest trade routes in the world.

Suez Canal Authority (SCA) Chairman Osama Rabie reported that 61 ships are still waiting but will pass on Saturday.

Earlier, nearly 422 ships had got stuck after Evergreen’s Ever Given ship had got stuck in the Suez Canal.

<a href="https://www.wionews.com/videos/suez-canal-blockage-lead-investigator-in-probe-boards-ship-374880">Watch |</a>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/suez-canal-blockage-lead-investigator-in-probe-boards-ship-374880/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

On Friday, nearly 80 ships had passed through the canal, from both directions, which involved a US aircraft carrier, a liquefied natural gas tanker, and an oil tanker.

The SCA had hoped to clear the backlog of the traffic jam in the canal by the end of the week.

Meanwhile, Egypt said it may seek compensation worth $1 billion. The amount is an estimate of the losses linked to transit fees, damages incurred during dredging and salvage efforts, Rabie claimed.

This is the right of the country. It should get its due,''&nbsp;Rabie said.

Days after the Ever Given vessel successfully refloated, the Suez Canal Authority is close to clearing the backlog in one of the busiest trade routes in the world.

Days after the Ever Given vessel successfully refloated, the Suez Canal Authority is close to clearing the backlog in one of the busiest trade routes in the world. Suez Canal Authority (SCA) Chairman Osama Rabie reported that 61 ships are still waiting but will pass on Saturday. Earlier, nearly 422 ships had got stuck after Evergreen’s Ever Given ship had got stuck in the Suez Canal. Watch | On Friday, nearly 80 ships had passed through the canal, from both directions, which involved a US aircraft carrier, a liquefied natural gas tanker, and an oil tanker. The SCA had hoped to clear the backlog of the traffic jam in the canal by the end of the week. Meanwhile, Egypt said it may seek compensation worth $1 billion. The amount is an estimate of the losses linked to transit fees, damages incurred during dredging and salvage efforts, Rabie claimed. This is the right of the country. It should get its due,'' Rabie said.

Suez Canal's backlog almost clear: Authorities

The lead investigator in the Suez Canal blockage probe has boarded the Ever Given. The investigator has said that the investigation would include examining the seaworthiness of the ship.

Suez canal blockage: Lead investigator in probe boards ship

A formal investigation into container ship Ever Given has begun six days after it got stuck in the Suez Canal. The Suez Canal Authority Chairman has suggested that weather conditions including high winds and possible human error could have played a major role in the grounding of the ship.

Investigation underway into MV Ever Given's blockage of Suez Canal

One of the world's busiest waterways, the Suez Canal, was blocked for the 6th consecutive day on Sunday but the Ever Given ship blocking the canal 'successfully refloated' on Monday.

News Alert: Ever Given ship blocking Suez Canal successfully 'refloated'

One of the world's busiest waterways, the Suez Canal, was blocked for the 6th consecutive day on Sunday, as a huge container ship disrupted global shipping and trade. The 400-meter-long Ever Giving ship is stranded diagonally in the southern part of the canal.

Suez canal ship stuck crisis enters sixth day, Russia offers help to Egypt

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