Traffic jam of the century: Egypt lost a billion because of Even Given

3 weeks ago

Egypt has announced the amount of losses from the crash of the freighter Ever Given, which ran aground and blocked the Suez Canal.

Osama Rabi, chairman of the Suez Canal Authority, said in an interview with Egypt’s Sada El-Balad TV about $1 billion in losses.

“The amount of damage and losses will be calculated, as well as the cost of the dredgers. The estimates, I think, will come to a billion dollars and a little more. It’s the right of the country,” he said.

The giant container ship Ever Given ran aground in the Suez Canal on March 23 and blocked the commercial maritime route. It was not possible to pull it out until a week later, and the blockade led to a crisis in trade. It is estimated that the cost of the canal’s downtime was about $400 million an hour.

An investigation into the incident has already begun in Egypt. Members of the ship’s crew, including the captain, may be arrested or even put on trial.

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