(3 minutes read)
· Experts are now seeking an answer to unfold what went wrong in the ill-fated cargo ship that led to blockade of the Suez Canal, which estimated to have caused losses of several billion dollars by disrupting the traffic
· More than 300 vessels carrying an assortment of goods -crude oil to cattle – were still waiting for their turn in a process that will take days to clear the bakclog.
· Egyptian government officials, insurers, shippers and numerous other affected parties are eagerly awaiting for the investigation report
Experts are now seeking an answer to unfold what went wrong in the ill-fated cargo ship that led to blockade of the Suez Canal, which is estimated to have caused losses of several billion dollars by disrupting the traffic.
More than 300 vessels carrying an assortment of goods -crude oil to cattle – were still waiting for their turn in a process that will take days to clear the bakclog. Egyptian government officials, insurers, shippers and numerous other affected parties are eagerly awaiting for the investigation report.
It has the potential to precipitate years of litigation to recoup the damages caused such as costs of repairing the ship, fixing the canal and reimbursing those who saw their cargo shipments disrupted. Since the vessel is owned by a Japanese firm, operated by a Taiwanese shipper, flagged in Panama and now stuck in Egypt, matters have become complex and cumbersome. Experts Analysts expect it could take at least another 10 days to clear the backlog — though Egypt’s president assured that it would take only three days or so. The case has the potential to get mired in long drawn out legal battles.
