Loss up to 400 million US dollars per hour! Who is responsible for the huge losses of the Suez Canal severe blockage?

Who will pay for the huge losses caused by the "blocking" of ships in the Suez Canal has once again become one of the focuses of global attention.

On March 29, 2021, the heavy cargo ship "Ever Given", which ran aground in the Suez Canal, successfully came out of the shallow water and refloated to the surface. It has completely moved to the normal course and left the stranded place, heading north to the shore.

Some of the vessels began to move after surrounding cargo ships honked their horns in celebration of the Ever Given.

The stranded cargo ship will be pulled to the nearby Great Bitter Lake Wednesday morning to await further technical inspection, which is expected to take 3 days.Before the survey results come out, the heavy cargo ship Ever Given will not be allowed to sail.

The Suez Canal crisis is over, and the world's most important waterway "artery" has resumed navigation.

Livestock vessels have been given priority and there are already as many as 113 livestock vessels that need to be replenished and will pass through the Suez Canal from north to south.

The heavy cargo ship "Ever Given" has been blocking the Suez Canal for six days. More than 450 ships have been waiting for passage, and it will be several days before all the ships get through. Relevant departments strive to solve the congestion problem completely within four days.

The Suez Canal is located at the crossroads of Europe, Asia and Africa, which connect the Red Sea and the Mediterranean Sea. Revenue from the Suez Gold Canal is one of Egypt's main sources of state revenue and foreign exchange reserves.

The cost of the accident is enormous, from the huge rescue bill, to the cost of delaying the cargo that ships carry, to the disruption of the canal, and to the loss of about $400 million per hour in global trade.The loss figure of this sky-high price is very huge, who should take the responsibility?

Is it true that the heavy cargo ship "Ever Given" flying the Panamanian flag blocked the Suez Canal shipping for nearly a week, as the Egyptian side said, they have the right to claim damages from the Japanese ship owner Shoei Kisen, which stranded the freighter?

Some netizens believe that the shippers have bought commercial insurance for their cargo ships.So they can seek compensation from their insurance companies.

Of course, the other major insurance companies involved in the affair will probably have to file claims against the owners of the ship that caused the incident, and the owners of the ship will have to seek protection from their own insurance companies.

It is reported that the Suez Canal’s canal manager suffers daily economic losses ranging from US$12 million to US$14 million.  At least for their losses and expenditures, the Suez Canal management authority will not raise relevant clams until the results of the accident investigation are released, but will reserve the budget right to pursue compensation from the responsible party.

If the investigation result of the accident is indeed caused by severe weather, the rescue expenses will be borne by the Suez Navy Management Department. If there is a technical or human error in the investigation and it is confirmed that it’s the responsibility of the captain that caused the accident, the rescue fee and other related expenses may be included in the scope of the compensation.

Soon after the stranding incident, Taiwan Evergreen, which chartered the "Ever Given" freighter, quickly responded to the possible compensation, saying that the owner of "Ever Given", Japan Shipowner Shoei Kisen Kaisha was responsible for all losses.

After all, the ship "Ever Given" is insured by an insurance company, and its own huge amount of insurance may be as high as US$200 million. After the accident, the amount of compensation paid by the insurance company will depend on the severity of the accident.