China News Service, May 30. According to foreign media reports, on the 29th, the Egyptian court postponed the hearing of the Suez Canal Authority's claim against the owner of the "Long Grant" freighter to give both parties more time to negotiate.
The freighter "Longci" ran aground on the Suez Canal in late March, severely blocking the two-way traffic on the canal, affecting global freight.
The Suez Canal Authority initially requested compensation of US$916 million from the Japanese shipowner Masei Steamboat Co., Ltd. of the "Nagagi".
However, earlier this week, the Suez Canal Authority expressed its willingness to accept US$550 million in compensation, including a security deposit of US$200 million to ensure the ship’s release. The remaining amount must be paid by Letter of Credit.
However, Rabie, chairman of the Suez Canal Authority, said that Zhengrong Steamship Company was only willing to pay US$150 million.
A lawyer representing Zhengrong Steamship Company said that the two sides requested to postpone the hearing on the 29th in order to conduct further negotiations. No compensation has been determined yet.
The Suez Canal Authority stated on its Facebook page that the court now plans to hold a hearing on June 20.