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Suez canal blocked

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Suez canal blocked

Old 16th Apr 2021, 22:55
  #401 (permalink)  
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It seems ridiculous to actually hold the ship up further. Being threatened with not being able to come back would be sufficient lever.
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Old 17th Apr 2021, 01:12
  #402 (permalink)  
 
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Originally Posted by Loose rivets View Post
It seems ridiculous to actually hold the ship up further. Being threatened with not being able to come back would be sufficient lever.
It's a pretty good bet that if Egypt sticks to their $Billion ransom, you won't ever see another Evergreen ship passing through the Suez.
It will also give other shipping company's good reason to re-think their use of the Suez canal...
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Old 17th Apr 2021, 07:18
  #403 (permalink)  
 
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Originally Posted by tdracer View Post
It's a pretty good bet that if Egypt sticks to their $Billion ransom, you won't ever see another Evergreen ship passing through the Suez.
It will also give other shipping company's good reason to re-think their use of the Suez canal...
At the moment there is no real alternative to the Suez canal, unless you want to sail all the way around Africa. Global warming may open up the northern artic route in a few years, but until then the Egyptians have the upper hand.
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Old 18th Apr 2021, 04:29
  #404 (permalink)  
 
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The Egyptians would do well to consider that whatever they receive in compensation/ransom will inevitably be taken into insurance rates. Once the insurance rates for ships of the Ever Given class transiting Suez exceed the cost of going around the Cape, the Egyptians will have shot themselves in the wallet
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Old 18th Apr 2021, 04:33
  #405 (permalink)  
 
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Originally Posted by RatherBeFlying View Post
The Egyptians would do well to consider that whatever they receive in compensation/ransom will inevitably be taken into insurance rates. Once the insurance rates for ships of the Ever Given class transiting Suez exceed the cost of going around the Cape, the Egyptians will have shot themselves in the wallet
Exactly!
One more $Billion dollar ransom, and shippers may well decide that the trip around Africa isn't all that far out of the way after all. The goose that laid the gold egg comes to mind - kill it and there won't be another....
The Suez Canal was out of action for a long time after the '67 war - and the world managed just fine. Egypt would be wise to remember that...
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Old 18th Apr 2021, 05:56
  #406 (permalink)  
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At face value, $900 million sounds like extortion.

But, is it possible that the Suez Canal Authority is facing compensation demands from the long list of shipping companies which had their goods delayed ?

Perhaps someone who has knowledge of standard agreements or contracts for Suez Canal transits may wish to comment.





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Old 18th Apr 2021, 09:03
  #407 (permalink)  
 
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Force majeure will probably come into play, this a common clause in contracts which essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties, such as a war, strike, riot, epidemic, sudden legal changes, or an event described by the legal term act of God, prevents one or both parties from fulfilling their obligations under the contract.

The ship was stuck for a week and the disruption caused ran into the billions, it would be possible to plan alternative routes but these would be more costly and time consuming. For example, more ships and crews would be needed to take into account the extra time to complete a voyage. Inventory control would need to be looked into with increased delivery times.

The whole thing is a lawyers picnic, the pilot was guiding the ship, the Captain is ultimately responsible, the canal authority allowed a ship of that size to transit and the weather conditions weren't ideal. Which country would legal proceedings be held in ? The ship is Panamanian flagged, Japanese owned, Taiwanese operated and the incident occured in Egypt.
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Old 18th Apr 2021, 10:26
  #408 (permalink)  
 
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The whole thing is a lawyers picnic
Perhaps more like a lawyers' free banquet than merely a picnic!
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