ANNNNND the boat is stuck again!

[Doktor Howl]

 

https://apnews.com/article/egypt-coronavirus-pandemic-suez-canal-189a9115b7c31cb1dbad5febfb778fa6

CAIRO (AP) — Egyptian authorities impounded a massive cargo vessel that blocked the Suez Canal last month amid a financial dispute with its owner, the canal chief and a judicial official said Tuesday.

Lt. Gen. Osama Rabie said the hulking Ever Given would not be allowed to leave the country until a compensation amount is settled on with the vessel’s Japanese owner, Shoei Kisen Kaisha Ltd.

“The vessel is now officially impounded,” he told Egypt’s state-run television late Monday. “They do not want to pay anything.”

There was no immediate comment from the vessel’s owner.

[Faust]

Impounding a super tanker over billions in losses is awesome. I wonder will they auction it off like the debtors auctions?

[Doktor Howl]

Impounding a super tanker over billions in losses is awesome. I wonder will they auction it off like the debtors auctions?

Given that a supertanker costs $18 Mn and the fines are $900 Mn, I think Evergreen will just write it off.