Dabaiba considers Egypt's water and national security as part of Libyan security

Cairo asks for one billion dollars in compensation for the delinquency of the ship «Evergiven»

Official investigations began into how the large container ship ran aground in the canal.

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The head of the Suez Canal Authority, Lieutenant General Osama Rabie, revealed that the Canal Authority will request more than one billion dollars in the form of compensation from the company operating the ship, "Ever Giffen", due to the losses resulting from the suspension of navigation in the canal as a result of the ship's stranding, and the disruption of navigation for a period of six days, he said. The head of the Libyan National Unity Government, Abdel Hamid Al-Dabaiba, the day before yesterday, that water and national security for Egypt is part of the Libyan national security.

In detail, Lieutenant General Osama Rabie indicated, in televised statements, the day before yesterday, to the compensation that Egypt will demand from the company operating the "Evergiven", and that incentives will be given with reductions ranging between 5% to 15% for ships affected by the delinquent ship, According to the expectations of each of them, confirming that about 800 people contributed to the completion of the floating of the delinquent ship.

He said that the delinquent ship in the Suez Canal would not leave Egypt until after compensation was paid, explaining that an investigation had begun the day before yesterday to determine the circumstances of what happened.

In the same context, James Vickers, president of Willis Re International for reinsurance, told «Reuters» that the disruption of navigation in the Suez Canal will likely lead to claims for huge compensation from reinsurance companies, which will increase the upward pressure on marine reinsurance rates.

Official investigations began this week into how the huge container ship "Evergiven" ran aground in the canal, which led to the suspension of navigation in the main global waterway for about a week.

Vickers also said that the losses in the reinsurance sector "will not be a trivial amount of money."

He added that the disruption of navigation in the canal was the latest in a growing number of man-made disasters resulting in losses for reinsurance, in addition to a list of natural disasters that occurred during the past year.

Reinsurers help insurance companies cover claims in extreme events, such as hurricanes, in exchange for a portion of the premium.

Usually reinsurers raise prices after incurring large losses.

Vickers said that even before the Suez Canal incident, the marine market "did not need a lot of encouragement to continue moving in an upward direction."

The Covid-19 pandemic is also putting upward pressure on reinsurance rates on a large scale.

In Tripoli, Abdel Hamid Al-Dabaiba said yesterday that the water and national security of Egypt is part of the Libyan national security.

He added in a tweet on his Twitter account: "We affirm our full support for the brothers in Egypt and Sudan regarding the (Ethiopian) Renaissance Dam, and we are pushing towards reaching a just solution for all."

This came after the statements of the Egyptian President, Abdel Fattah Al-Sisi, last Tuesday, during which he stressed that "no one can prejudice Egypt's right to the Nile waters," warning that prejudice to it is a "red line", and it will have an impact on the stability of the entire region.

The delinquent ship will not leave Egypt except after paying compensation.

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