• The 'Ever Given' container ship blocked the Suez Canal for six days. Reuters
    The 'Ever Given' container ship blocked the Suez Canal for six days. Reuters
  • The ship became grounded during high winds. Airbus Space
    The ship became grounded during high winds. Airbus Space
  • The incident cost the Suez Canal Authority up to $15 million in revenue. Airbus Space
    The incident cost the Suez Canal Authority up to $15 million in revenue. Airbus Space
  • Left, the canal on March 21; right, traffic waits to enter the canal on March 25. Reuters
    Left, the canal on March 21; right, traffic waits to enter the canal on March 25. Reuters
  • Vessels wait to pass through the canal after the 'Ever Given' ran aground. Airbus Space
    Vessels wait to pass through the canal after the 'Ever Given' ran aground. Airbus Space
  • The incident caused a queue of vessels at the mouth of the canal. Airbus Space
    The incident caused a queue of vessels at the mouth of the canal. Airbus Space
  • It took six days to free the 'Ever Given'. Research Institute of China Electronics Technology Group Corporation
    It took six days to free the 'Ever Given'. Research Institute of China Electronics Technology Group Corporation
  • An image captured by the European Space Agency Copernicus Sentinel-2 satellite shows the canal during the blockage. Reuters
    An image captured by the European Space Agency Copernicus Sentinel-2 satellite shows the canal during the blockage. Reuters
  • The 200,000-tonne cargo ship caused damage to the vital waterway. Reuters
    The 200,000-tonne cargo ship caused damage to the vital waterway. Reuters
  • Egypt initially claimed $900m in compensation over the incident. Reuters
    Egypt initially claimed $900m in compensation over the incident. Reuters
  • An image captured from a commercial plane shows traffic waiting to travel through the canal. AFP
    An image captured from a commercial plane shows traffic waiting to travel through the canal. AFP
  • The 'Ever Given' will be released by the Egyptian authorities on Wednesday. AFP
    The 'Ever Given' will be released by the Egyptian authorities on Wednesday. AFP
  • The 'Ever given' was stuck for six days and caused damage to the canal. AFP
    The 'Ever given' was stuck for six days and caused damage to the canal. AFP
  • The blockage cost the canal authority millions of dollars because cargo ships were unable to pass. AFP
    The blockage cost the canal authority millions of dollars because cargo ships were unable to pass. AFP

Suez Canal Authority agrees $540m compensation deal with 'Ever Given' owners


Kamal Tabikha
  • English
  • Arabic

The owners of Ever Given super container ship have agreed to pay $540 million to Egypt's Suez Canal Authority in compensation for the vessel running aground and blocking the waterway in March, a source close to the negotiations said.

The authority announced an agreement had been reached on Sunday but did not reveal the settlement amount. The deal will be signed and the ship unmoored at a ceremony on Wednesday in the Suez Canal city of Ismailia.

The Ever Given, a 400-metre container ship, ran aground while traversing the canal on March 23, blocking maritime traffic through the vital waterway for six days before it was freed following a massive salvage operation with expert crews from around the world assisting. Canal authorities had detained the ship as they pursued compensation for the incident.

An admiral stationed at the Suez Canal, who attended many of the negotiations, told The National that the SCA would receive compensation of $540m, with an initial payment of $240m and the balance to be paid over the following year.

The authority will also receive a new tugboat to replace one lost during the six-day rescue effort that also caused the death of an Egyptian crew member.

The admiral described the settlement as a win for the country, saying that “Egypt’s rights were upheld” after the months-long dispute with the vessel owner, Japanese shipping company Shoei Kisen Kaisha.

The SCA initially sought $916m in compensation from the owners but lowered their demand to $550m.

SCA lawyer Khaled Abu Bakr said that despite the ship's owner also contesting the reduced sum, the SCA did not budge, feeling that it was a fair amount for the "serious" structural damages and revenue losses sustained during the blockage.

Nearly 10 per cent of global trade flows through the shipping route every year and navigation fees earn Egypt billions of dollars in revenue a year.

Mr Abu Bakr said that once the agreement is signed, the SCA will drop its lawsuit against the ship’s owner and allow the Ever Given to leave the Great Bitter Lake where it has been moored since it was refloated in late March.

The Ismailia court hearing the dispute repeatedly postponed its verdict to give the SCA and the ship's owner time to reach a settlement out of court.

According to the admiral, the compensation will go towards repairing structural damage to the canal, as well as fixing the pollution caused by the Ever Given emptying its ballast water in the waterway, a highly polluting act that killed much of the marine life in a portion of the canal.

The settlement also covers the loss of revenue the SCA sustained as hundreds of ships were either forced to wait in place for the canal to be cleared or take the longer and more expensive route around the Cape of Good Hope at Africa’s southern tip.

SCA Chairman Admiral Osama Rabie said the authority did not want to lose the ship’s owners as a client in addition to not wanting to affect bilateral relations between Egypt and Japan.

Former captain Sameh El Wakeel told The National that the negotiations were a very precarious endeavour for the SCA, which had to implement the utmost sensitivities to ensure that the dispute ended with no enmity.

“Millions are breathing a sigh of relief now that this debacle is over. But what’s even better for Egypt is that it ended so amicably. I think the SCA’s handling of the situation has restored many Egyptians’ faith in the nation and its ability to protect its interests in a civilised and diplomatic way,” he said.

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Sunday:
GP3 race: 12:10pm
Formula 2 race: 1:35pm
Formula 1 race: 5:10pm
Performance: Guns N' Roses

The biog

Family: wife, four children, 11 grandchildren, 16 great-grandchildren

Reads: Newspapers, historical, religious books and biographies

Education: High school in Thatta, a city now in Pakistan

Regrets: Not completing college in Karachi when universities were shut down following protests by freedom fighters for the British to quit India 

 

Happiness: Work on creative ideas, you will also need ideals to make people happy

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

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Opening weekend Premier League fixtures

Weekend of August 10-13

Arsenal v Manchester City

Bournemouth v Cardiff City

Fulham v Crystal Palace

Huddersfield Town v Chelsea

Liverpool v West Ham United

Manchester United v Leicester City

Newcastle United v Tottenham Hotspur

Southampton v Burnley

Watford v Brighton & Hove Albion

Wolverhampton Wanderers v Everton

The specs

Engine: four-litre V6 and 3.5-litre V6 twin-turbo

Transmission: six-speed and 10-speed

Power: 271 and 409 horsepower

Torque: 385 and 650Nm

Price: from Dh229,900 to Dh355,000

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Friday’s fixture

6.15pm: Al Wahda v Hatta

6.15pm: Al Dhafra v Ajman

9pm: Al Wasl v Baniyas

9pm: Fujairah v Sharjah

.

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

How Islam's view of posthumous transplant surgery changed

Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.

Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.

The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.

One school of thought viewed the removal of organs after death as equally impermissible.

That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.

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Engine: 3.0-litre twin-turbo flat-six

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The biog

Marital status: Separated with two young daughters

Education: Master's degree from American Univeristy of Cairo

Favourite book: That Is How They Defeat Despair by Salwa Aladian

Favourite Motto: Their happiness is your happiness

Goal: For Nefsy to become his legacy long after he is gon

pakistan Test squad

Azhar Ali (capt), Shan Masood, Abid Ali, Imam-ul-Haq, Asad Shafiq, Babar Azam, Fawad Alam, Haris Sohail, Imran Khan, Kashif Bhatti, Mohammad Rizwan (wk), Naseem Shah, Shaheen Shah Afridi, Mohammad Abbas, Yasir Shah, Usman Shinwari

COMPANY PROFILE
Name: Mamo 

 Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua

 Based: Dubai, UAE

 Number of employees: 28

 Sector: Financial services

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 Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 

 
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Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
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Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

Springsteen: Deliver Me from Nowhere

Director: Scott Cooper

Starring: Jeremy Allen White, Odessa Young, Jeremy Strong

Rating: 4/5

Updated: July 05, 2021, 9:32 AM