Ever Given barred from leaving Suez Canal

The Ever Given can't leave the Suez Canal until compensation is paid, port officials have confirmed. It is still unclear how much has to be paid, although it could be up to $1bn after it got stuck in the Suez Canal for almost a week. Business Insider reports that the fine will cover the expense of the equipment and machinery used to clear the way, damage to the canal by the dredging, and to compensate about 800 people who worked to release the 181m kg ship. It will also help refund the blockage costs after more than 400 ships on either side of the channel were stranded. ’The vessel will remain here until investigations are complete and compensation is paid,’ said Lieutenant-General Osama Rabie, who leads the Suez Canal Authority. Eric Hsieh, the president of Evergreen Marine Corp, the charterer of Ever Given, said the company was ‘free of responsibility from cargo delays’ because it was insured.

Full Business Insider report

Fallout from the accident will 'ripple' across the global economy for the next few weeks or months, according to shipping giant Maersk. It said the effects of those delays would be felt in ports around the world. Business Insider reports that its advisory warned that delays may vary by location. Busy ports and terminals may not have berths for ships arriving outside their originally scheduled windows. 'We will see ripple effects continuing into the second half of May,' said Lars Mikael Jensen, head of Maersk's Global Ocean Network.

Full Business Insider report