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Old 04-03-2021, 11:04 AM   #61
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This incident may bankrupt Evergreen, the shipping company. The Canal operators can 'arrest' the ship for the costs. Maritime/Admiralty law goes back to Roman and Byzantine legal codes.

I just watched the YouTube video. IMHO this boat is too large for that waterway.
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Old 04-03-2021, 01:39 PM   #62
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Spreading the wealth debt, the ship's owner declared "General Average".

The time frame for assessing all claims and liabilities will take time. The cargo will not be released for a long time.
https://gcaptain.com/shipowner-decla...or-ever-given/

"
General Average is a principle of maritime law that requires that the shipowner and its customers share a proportionate amount of the costs associated with saving a vessel after a major casualty. When General Average is declared, cargo owners are required to contribute to a GA fund before cargo can be released.
While the backlog of vessels waiting to transit Suez is now expected to be cleared over the next couple of days, shippers and freight forwarders with cargo on the Ever Given could be in for a long wait for it to be released.
The problem for cargo interests, according to insurance sources, is that the cost of the casualty to its owners is likely to take some time to determine, if it involves claims from other parties, which means the adjustors will remain unable to fix the level of the general average and salvage securities."
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Old 04-03-2021, 03:29 PM   #63
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Quote:
Originally Posted by dixter View Post
its still just a large ditch dug out of the desert...
I recall (as about a 10 year old) the closing of the Suez Canal in 1956/1957 (see https://en.wikipedia.org/wiki/Suez_Crisis). Compared to the current closure, that was a really big deal, though I'm assuming the daily tonnage of shipping today is much greater than it was at the time. The geopolitical fallout is still felt today.

When I saw Lawrence of Arabia back ca. 1962, the memory that most stuck with me was when T. E. Lawrence and his young companion had struck out across the vast desert and eventually heard the sound of an ocean going vessel's horn. The next scene showed a ship seemingly floating through the desert.

Yes, parts of the canal are no more than a ditch in the desert. Very impressive considering it opened shortly after the end of the American Civil War. YMMV
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Old 04-11-2021, 10:19 PM   #64
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The stuck ship "Ever Given" is not let go until its owner pays for losses and damages.

The compensation amount has not been finalized, but is said to be around US$1 billion.

Total economic losses may be that high, but is any of the money going to the other ships whose passage through the canal was held up, or rather to the owners of the shipped goods that was delayed? How can they determine all that?

Or is it all going to the canal operator?

It's not simple.

See: https://www.msn.com/en-us/money/news...e-verthp-feeds
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Old 04-11-2021, 11:20 PM   #65
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Quote:
Originally Posted by ls99 View Post
Spreading the wealth debt, the ship's owner declared "General Average".

The time frame for assessing all claims and liabilities will take time. The cargo will not be released for a long time.
https://gcaptain.com/shipowner-decla...or-ever-given/

"
General Average is a principle of maritime law that requires that the shipowner and its customers share a proportionate amount of the costs associated with saving a vessel after a major casualty. When General Average is declared, cargo owners are required to contribute to a GA fund before cargo can be released.
While the backlog of vessels waiting to transit Suez is now expected to be cleared over the next couple of days, shippers and freight forwarders with cargo on the Ever Given could be in for a long wait for it to be released.
The problem for cargo interests, according to insurance sources, is that the cost of the casualty to its owners is likely to take some time to determine, if it involves claims from other parties, which means the adjustors will remain unable to fix the level of the general average and salvage securities."
I think some companies are in for some hurt...
I imagine the companies shipping low value stuff like TP and flour, will be happy to abandon their containers, leaving the high value containers of laptops, auto computer chips to pay a higher proportion of the cost
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