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Suez C anal blockage

I liked this one...

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Apparently Egypt is not ok letting a long ship stuff up their canal without the ships owner paying for the privilege.

https://jalopnik.com/egypt-to-ever-given-owners-pay-us-1-billion-or-you-ar-1846651458

“The vessel will remain here until investigations are complete and compensation is paid,” Osama Rabie, chairman of the Suez Canal Authority, told state television in Egypt on Thursday.

“We hope for a speedy agreement,” he said. “The minute they agree to compensation, the vessel will be allowed to move.”

Mr. Rabie didn’t say Thursday what amount Egyptian authorities were seeking as compensation. But he said last week that Egypt would demand $1 billion for the cost of the operation to free the ship, the loss of transit fees—an important source of foreign currency for Egypt—and other costs from the blocking of the canal, which caused a traffic jam of more than 400 ships on either side of the channel.
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$1B?

So, just how much is that ship worth?

"So, pay $1B, or you keep my depreciated $100M ship?"

"Ok, I'll send over the pink slip."
 
berth said:
$1B?

So, just how much is that ship worth?

"So, pay $1B, or you keep my depreciated $100M ship?"

"Ok, I'll send over the pink slip."
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i read your post and thought surely one of these massive container ships costs more than 100m... and no. they might not. kinda surprising, though the ever given is probably more than 100m but still way less than 1B.

if they send the pink slip they'll lose the revenue from that ship, and i'd bet they also lose access to the C-anal as well
 
When you use a liner like this to freight materials, you agree to share in the risk premium.

Everyone who has a container on it will share in the $1B loss. They will have to pay a percentage of the risk to remove their materials from the ship once it arrives at destination.

This will take 10 years to shake out.
 
Yakoo752 said:
When you use a liner like this to freight materials, you agree to share in the risk premium.

Everyone who has a container on it will share in the $1B loss. They will have to pay a percentage of the risk to remove their materials from the ship once it arrives at destination.

This will take 10 years to shake out.
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Do these companies get insurance policies on their ships to cover things like lost at sea? Ships sinking happens much more often than most people realize.
 
Climber said:
Do these companies get insurance policies on their ships to cover things like lost at sea? Ships sinking happens much more often than most people realize.
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As I understand it, yes. But it's a shared risk policy.

If you lose 1 container, everyone that has a container on board shares in the loss even the ship owner. Same goes with a ship sinking or being pirated.

This is where all that FOB designations came from. It's functions of liability.
 
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