Suez Canal

The Suez canal chief demands $1 billion from 'Ever Given' ship management as compensation, and warns of seizing the ship if the issue is not solved amicably. The compensation includes the cost of the ship's salvage operation, stalled traffic, and lost transit fee during the week-long hiatus by Ever Given. The authorities are trying to avoid legal disputes, but it is still unclear who would pay the compensation amount.

The Commerce Ministry on March 26 came up with a four-point plan to tackle the Suez Canal blockade including cargo, freight rates, advisory to ports, and re-routing of ships. Reportedly, Indian export bodies FIEO, MPEDA, APEDA will identify and prioritize the shipment of perishable cargo with the help of shipping lines. Notably, the canal blocked since March 23 has disrupted the global trade, as over 200 vessels are waiting on either side. … read-more

Japan's Shoei Kisen Kaisha, owner of the cargo vessel 'Ever Given' blocking the Suez Canal, has informed that all the crew members aboard the ship are Indians. As per the vessel's management company, all 25 members on board are safe and being taken care of. The ship lodged sideways after it ran aground on March 21, following strong gusts of wind. Reportedly, the blockade is causing a trade-loss of $9 billion every day.