An Egyptian court adjourns until July 4 the case of a hulking cargo vessel that blocked the Suez Canal for nearly a week earlier this year.
The decision comes after both legal teams of the Suez Canal and the vessel’s owners asked for more time for negotiations that aim at resolving their financial dispute.
The dispute centers on the compensation amount the Suez Canal Authority is claiming for the salvage of the vessel Ever Given, which ran aground in March, blocking the crucial waterway for six days.
The money would cover the salvage operation, costs of stalled canal traffic, and lost transit fees for the week the Ever Given blocked the canal.
At first, the Suez Canal Authority demanded $916 million in compensation, which was later lowered to $550 million. The two sides have traded blame for the vessel’s grounding.