GS Paper - 2 International Events

A ship that blocked the Suez Canal for almost a week in March is being held in the waterway as canal authorities pursue a $916 million compensation claim against the ship's Japanese owner, one of the vessel's insurers and canal sources said on 13 April 2021. The Ever Given container ship, owned by Shoei Kisen, has been in a lake separating two sections of the canal since it was dislodged on 29 March 2021, as the Suez Canal Authority (SCA) conducts investigations.

What

  1. UK Club, the protection & indemnity (P&I) insurer for the Ever Given, said the canal's claim included $300 million for a "salvage bonus" and $300 million for "loss of reputation".
  2. Despite the magnitude of the claim, which was largely unsupported, the owners and their insurers have been negotiating in good faith with the SCA, UK Club said.
  3. On 12 April, a carefully considered and generous offer was made to the SCA to settle their claim.
  4. International supply chains were thrown into disarray when the 400-metre (430 yard) Ever Given ran aground in the canal on 23 March 2021, with 18,300 containers on board.