Owner Of Ever Given, Lodged in The Suez Canal For Days, Could Be Facing Hefty Claims
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The owners and insurers of Ever Given, the massive cargo ship wedged in the Suez Canal for multiple days, may face a mountain of insurance claims, according to a new report. 

According to Reuters, the owners and insurers of the 1,300-foot-long ship could already be facing millions of dollars of insurance claims when the ship is eventually refloated, mainly due to the costs of the salvage operation as well as the trail of global shipment delays caused by the blockade.

The ship lost control of its steering early Tuesday, and wound up nearly perpendicular in the Suez Canal, effectively blocking traffic both ways completely. 

Salvage efforts from smaller tugboats and excavators along the Suez Canal's banks were unsuccessful, and authorities said that those efforts would resume with an "elite salvage squad" joining in from the Netherlands.

According to Reuters, the ship is owned by Japanese firm Shoei Kisen KK, and the firm's insurers could have to deal with claims from the Suez Canal Authority due to loss of revenue from the at least 30 ships unable to deliver goods.

"All roads lead back to the vessel," David Smith, head of marine and cargo at insurance broker McGill and Partners, told Reuters.

"It is potentially the world's biggest ever container ship disaster without a ship going bang," a shipping lawyer who declined to be named told Reuters.

The report added that the ship was insured in the Japanese market and was likely insured for $100-140 million worth of machinery damage.

From: CNBC

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