Egypt may seek $1 bn in damages over lost revenue due to Suez crisis

The figure is a rough estimate of losses linked to transit fees, damage to the waterway during the dredging and salvage efforts, the Suez Canal Authority's chief said

Egypt said it may seek around $1 billion in compensation after a giant container vessel blocked the Suez Canal for almost a week and roiled shipping markets.

The figure is a rough estimate of losses linked to transit fees, damage to the waterway during the dredging and salvage efforts, and the cost of equipment and labor, the Suez Canal Authority’s chief executive officer, Osama Rabie, said late Wednesday to local television channel Sada Elbalad.

He did not specify who the Canal Authority would seek compensation from.

“This is the right of the country,” Rabie said, adding that the incident hurt Egypt’s reputation. “This