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From stuck to impounded: Suez Canal officials hold Ever Given in financial dispute with owners

In this photo released by the Suez Canal Authority, a cargo ship, named the Ever Given, sits with its bow stuck into the wall Wednesday, March 24, 2021, after it turned sideways in Egypt’s Suez Canal, blocking traffic in a crucial East-West waterway for global shipping. An Egyptian official warned Wednesday it could take at least two days to clear the ship. (Suez Canal Authority via AP)

By: The Associated Press

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CAIRO (AP) — Egyptian authorities have impounded a massive cargo vessel that blocked the Suez Canal last month amid a financial dispute with its owner.

The Suez Canal chief says Monday the authority will not allow the hulking Ever Given to leave the country until a compensation amount is settled on with its Japanese owner, Shoei Kisen Kaisha Ltd.

A judicial official said the canal demanded at least $900 million in compensation.

The Panama-flagged ship that carries some $3.5 billion worth of cargo between Asia and Europe ran aground on March 23 in the canal.

Salvage teams freed it six days later, ending a crisis that had clogged one of the world’s most vital waterways.

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