Authorities in Egypt have seized the cargo ship that blocked the Suez Canal and demanded nearly $1 billion in compensation from the vessel's owner.
The Ever Given got turned around and stuck as it tried to navigate the canal during a sandstorm last month. The massive ship, which is longer than four football fields, blocked the crucial international shipping lane, leaving cargo ships stranded for six days and bringing shipping to a halt.
Officials said that nearly $10 billion in cargo was held up every day that the Ever Given was stuck, while Egypt lost between $12-15 million per day.
The ship's insurer for third-party losses, the U.K. P&I Club, said it was "disappointed" in the decision to seize the Ever Given and said it is still working to negotiate a settlement with Egyptian authorities.
"Despite the magnitude of the claim, which was largely unsupported, the owners and their insurers have been negotiating in good faith with the [Suez Canal Authority]," the insurer said in a statement.
According to Bloomberg, the week-long closure continues to impact shipping at ports around the world. Ports in Singapore and Rotterdam are dealing with logjams of cargo ships caused by the disruption to shipping schedules.
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