An Egyptian court has adjourned a compensation hearing to allow more time for a negotiated multi-million dollar settlement over the container ship that blocked the Suez Canal.
The dispute revolves around the amount that the Suez Canal Authority could receive for financial losses caused when the vessel Ever Given ran aground, blocking the crucial waterway for six days in March before it was freed in a complicated salvage operation.
The court in Ismailia town postponed the hearing to June 20 after requests from lawyers representing the Suez Canal Authority and the owner of the 400-metre Ever Given.
“There are endeavours to reach a settlement and because they are good clients, we are asking the court to postpone to negotiate and study the offer submitted by the owners,” Nabil Zidan, the lawyer for the Suez Canal Authority, told the court.
"Negotiations are on and there's flexibility from both sides," said Ahmed Abu Shanab, lawyer for the ship owner.
The authority was initially claiming more than $916 million in damages. But it said it had miscalculated the value of the cargoes aboard the ship, and the figure was lowered in out-of-court negotiations to $550m.
The vessel's insurers said the amount was still too high.
The Ever Given's owner previously offered to pay $150m, according to the authority, which said the figure did not cover losses of transit fees, damage to the waterway and costs of equipment and labour for the salvage operation.
The Ever Given, one of the world's largest container ships, became jammed across the canal in high winds on March 23, halting traffic in both directions and disrupting global trade.
Hundreds of ships waited in place for the canal to be unblocked, while some ships were forced to take the much longer route around the Cape of Good Hope at Africa’s southern tip, requiring additional fuel and operating costs.
About 10 per cent of world trade flows through the canal, an important source of foreign currency for Egypt. About 19,000 vessels passed through the canal last year, official figures showed.
Neil Thomson – THE BIO
Family: I am happily married to my wife Liz and we have two children together.
Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.
Favourite book: I constantly find myself reading The Bible.
Favourite film: The Greatest Showman.
Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.
Favourite food: I went to boarding school so I like any cuisine really.
The years Ramadan fell in May
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MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
KILLING OF QASSEM SULEIMANI
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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