In a major development, the Suez Canal Authority has reduced the compensation amount for the Ever Given ship blockage. The compensation has now gone down to 600$ million from 916$ million which had been asked earlier.
The announcement for reducing the compensation amount comes at a time when a local court in Egypt upheld the SCA’s decision to detain the ship’s crew. The next hearing of the case is due next week.
The SCA Chairperson Admiral Osama Rabie had confirmed this when he spoke on a local...