Law stipulates that ship will remain seized until the amount is paid in full

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Cairo

The megaship 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 $15m in revenues for each day the waterway was closed, according to the canal authority.

Law stipulates that the ship will remain seized until the amount is paid in full The MV “Ever Given was seized due to its failure to pay $900m” compensation, Suez Canal Authority chief Osama Rabie was quoted as saying by Al-Ahram, a state-run newspaper.—AFP