IKEA, Lenovo Among Businesses with Products Still Stalled in the Suez Canal

The massive cargo ship has 18,300 containers on board.

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15, 2021

2 min read

Opinions expressed by Entrepreneur contributors are their own.

Ever Given hasn’t budged after being freed from the Suez Canal. Egypt’s government has impounded the vessel for months as it awaits payment on a $900 million compensation bill, CNN reports.

The ship made headlines in March when it ran aground in the canal for six days, blocking hundreds of ships from passing through the waterway. Suez Canal Authority filed a $916 compensation claim against the ship’s owner, Japan’s Shoei Kisen Kaisha or Evergreen, for losses and damages that accrued during that time.

Related: Suez Canal Crisis: Key Takeaways For the Maritime Industry

Ever Given was then impounded with its thousands of containers holding products from companies like IKEA, Lenovo and smaller businesses like UK bicycle maker Pearson 1860. 

Director Will Pearson says his company has $100,000 worth of goods on board and communication has been poor:

“There seems to be ongoing shifting of blame and insurance wrangling taking place between the ship owners, Evergreen and the Suez Canal authorities.” 

Related: Egypt Has Seized the Ever Given and Now Wants More Than $900 Million for the Blockage the Ship Caused at the Suez Canal

When an agreement is finally reached, companies may have to pay for part of the settlement.

A maritime law principle called “general average” mandates that all involved parties share the costs of a loss.  Some law firms estimate the total value of goods on Ever Given range between $600 and $700 million. 

The Suez Canal Authority did not respond to requests for comment. Shoei Kisen Kaisha declined comment. 

Related: Large Container Ship Finally Freed From Suez Canal

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