Suez Canal Authority estimates $1 billion in losses from blockage

Osama Rabie, chairman of the Suez Canal Authority, has estimated the potential losses and damages from the Ever Given containership blockage at $1 billion, ABC News reported. The vessel’s Japanese owner has not yet received any lawsuits or claims pertaining to the six-day blockage caused by the ship. Formal investigations into the containership grounding are underway.

Read more.