Egypt reduces compensation claims over Suez Canal closure ...Egypt

Head of the Suez Canal Authority (SCA) Osama Rabie said on Sunday that Egypt has offered to reduce its compensation claims to the owners of the container ship that closed the canal in March by a third. In an interview with MBC Masr, Rabie said that the authority would reduce compensation claims from US$900 million to US$600 million, adding that the authority had also offered payment terms to the owners of the container ship Ever Given, but they have yet to receive a response. The Ever Given and its cargo are still being held in the Suez Canal, and the ship’s insurance company is refusing to compensate the authority for the blockage. The SCA had initially demanded almost one billion dollars f

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