Sources in the insurance sector said on Wednesday that the owner of the currently stranded ship in the Suez Canal - which is one of the largest container ships in the world - is facing millions of dollars of claims, even if the ship is quickly resurfaced.

This comes at a time when efforts resumed today, Thursday, to float the giant ship (400 meters in length) whose strand led to the suspension of traffic in the Suez Canal.

The Suez Canal Authority said in a statement that the ship Ever Given ran aground on Tuesday morning, which is mainly due to the lack of visibility resulting from bad weather conditions, due to the country's passage through a dust storm, which led to the loss of the ability to steer the ship and then its strand And blocking the movement of navigation in both directions in one of the busiest shipping lanes for goods, oil, grains and other products in the world, which connects Asia and Europe.

Claims for compensation

Insurance agents and brokers said that the Japanese company, "Shoei Kisen KK" - the owner of the ship - and insurance companies, may face claims from the Suez Canal Authority for lost revenue, and from other ships that have disrupted their movement.

"All roads lead to the ship," said David Smith, director of the marine insurance brokerage office McGill and Partners, and Choi Kisan could not be reached for comment.

Sources of the insurance sector say that container ships of this size are usually insured against damage to the structure and equipment, and two sources said that the ship is insured in the Japanese market, and the cost of rescuing the ship is borne by the company insuring the hull and equipment as well.

"Perhaps it is the biggest disaster to befall a container ship in the world without the ship itself being lost," said a shipping lawyer, who asked not to be named.

Martin Schottiefier, a spokesman for the Dutch maritime services company "Boskalis", said that its ship rescue unit has been tasked with participating in the operation, and a team of about 10 individuals is heading to Egypt.

It is also likely that the owners of the ship's cargo and other cargo stuck in the canal will claim compensation from the insuring company on the ship, for damages to perishable goods or delayed deliveries.

Marcus Baker, head of shipping and shipping at Marsh Insurance Brokerage (Marsh), said the continued congestion of ships is creating huge supply chain problems.

The British Protection and Compensation Club said - in a statement to Reuters - that it is the protection and compensation authority for the vessel Evergreen, but it declined to provide further details, and this type of insurance covers claims related to pollution and human injuries.

Smith of McGill said the bulk of these insurance claims will likely be reinsured through a program run by the Global Protection and Compensation Clubs group.

Efforts to float the ship are continuing, but wind conditions and the large size of the ship hinder the operation (Reuters)

And local sources said that there are at least 30 ships stuck to the north of Evergreen, and 3 ships to the south, and there may be dozens of ships also parked at the northern and southern entrances to the canal.

The data analysis company, Kepler, said that the disruptions affect more than 20 tankers loaded with crude oil and refined products.

Rahul Khanna, director of marine risk advisory at Allianz Global Corporate & Specialty, said there could also be claims for damages to the canal.

 Other events

There have been 25 such accidents in the last ten years, according to the Allianz Global Corporation, but it is unlikely that insurance companies will face claims related to material leakage into the canal water.

Bernhard Schulte, the vessel's technical manager, said there had been no reports of contamination.

Resumption of flotation efforts

The Gulf Agency Egypt Limited Shipping Company (GAC) issued a memorandum to its clients last night, in which it said that efforts to float the ship using tugboats are continuing, but that the wind conditions and the large size of the ship impede the operation.

The ship tracking software shows 5 tugboats surrounding the ship and 3 others heading towards it, but the ship's GPS shows that there have been only slight changes to the status of Evergiven in the past 24 hours.

Dozens of ships, including other large containers, oil and gas tankers and grain ships, are gathering at both ends of the canal, creating one of the worst incidents of cargo congestion in years.

Shipping experts say that if this halt in the navigation traffic in the canal is not overcome within 24 to 48 hours, some shipping companies may be forced to take the Cape of Good Hope Road at the edge of southern Africa, which extends the journey by about a week.

But the head of the Suez Canal Authority, Osama Rabie, told the media that despite that, some ships were able to move south, and that efforts to float "Ever Givin" were continuing.

Apology

For its part, the Japanese company Choi Kisan, which owns the ship, apologized today, Thursday, and said it was working to resolve the situation.

It added in a statement that the ship's delinquency did not result in injuries or oil spills.

About 30% of the world's shipping containers pass daily through the 193 km long Suez Canal, and about 12% of the total global trade of all goods.