$780 Million Worth Cargo Still Trapped on MT Ever Given in Suez Canal

3 mins read  Sealuminati Team June 19, 2021
usd780-million-worth-cargo-still-trapped-on-mt-ever-given-in-suez-canal

While the Suez Canal blockade has been dealt with physically, the whole crisis is still in action which has stagnated millions of dollars’ worth cargo halfway down their destination. Goods worth almost $780 million belonging to leading companies like IKEA and Lenovo are still stuck on MV Ever Given which is presently held in Egypt.

Many companies are fighting legally to get hold of their trapped goods on the confiscated vessel. Some comparatively smaller companies like Snugy and UK bicycle-maker Pearson 1860 too have their products trapped on the ship.

The companies which have their goods stuck on the vessel claim that they haven’t received any news as to what might happen to their cargo. The companies are worried that they might have to serve as a part of settlement for general average, which is a maritime principle. ‘General average’ means that the losses and damages which occur in the ship or cargo in an emergency can be shared equally among the stakeholders. It is based on the fact that the suffering side, which is going through a financial crisis in lieu of saving the belongings of others, has the right to expect compensation for the same.

The Egyptian court had seized the Ever Given vessel loaded with 18,300 cargo containers soon after the Suez Canal Authority claimed compensation worth $1.19 billion from the Japanese owner.


SHARE THIS POST