Egyptian authorities say they will let the mega ship go only after the ship's owners pay US$ one billion to compensate for the week that the canal was shut down.
It seems that there are other reasons for detaining the ship. First there was little concern when ship grounded. Then work to afloat the ship moved at snail’s speed. And now the ship is being held as hostage to recover the booty.
The investigation can be completed in a few hours simply by listing to the captain of the ship, its key crew members and Egyptian pilots.
On the face value the Suez Canal authority (SCA) seems at fault and should be held liable to pay all others including the ship owners. It was their responsibility to use efficient pilot boats to escort this mega ship. If the weather was bad and visibility was poor they should have not pushed the ship into the Canal. And if they were confident of their skills, they should have also kept the control with them; they just can’t put the blame on the ship crew.
The SCA can still fight the case in a competent court of law, but holding the ship indefinitely tantamount to ‘Marine Terrorism’.
Osama Rabie, Chairman, SCA said on Egyptian state television that the country will hold onto the ship while it investigates what happened and until the ship's owner pay US$ one billion.
The losses for the period ending March 29, that the ship was stuck and blocked traffic flow through the canal comes to less than US$100 million in lost transit fees and there are also the costs to free the ship and other expenses to reimburse.
"The vessel will remain here until investigations are complete and compensation is paid," he said, according to The Wall Street Journal.
"The minute they agree to pay the compensation, the vessel will be allowed to move."
It's not just Egyptian authorities who are asking for money. The Wall Street Journal said insurance claims for the boat's week in the spotlight could include losses for perishable goods as well as supply-chain disruptions.
Interestingly, Japanese company, Shoei Kisen Kaisha that owns the ship told the Journal it is in discussions with Egyptian authorities and cooperating in the investigation but has not officially, heard about the billion-dollar ransom.
The Company has started liability-limiting court proceedings in London. A representative of the International Transport Workers Federation, also based in London, told the Wall Street Journal that the crew appears to be well treated while they remain on board the ship.
