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The Ever Given freed, all valid claims to be considered

30th March 2021 - Author: Charlie Wood

Stranded container ship the Ever Given has been freed from the Suez Canal after five days spent blocking traffic along the vitally important trade route.

Egyptian officials expect the backlog of ships to be cleared in around three days, while experts say the knock-on effect on global shipping could take months to resolve.

The UK P&I Club has confirmed that the vessel is insured for Protection and Indemnity (third party) liabilities. The vessel itself and its cargo will have been insured separately.

While the UK Club is unable to comment on any confidential insurance or potential claim details, it says all valid claims will be considered by the vessel owner.

The insurer says the vessel was grounded due to strong winds as it was transiting northbound through the canal en route to Rotterdam, Netherlands.

All crew are safe and accounted for and there have been no reports of pollution or cargo damage.

As previously reported, estimates showed that the disruption caused by the blockage was impacting global trade by between $6 billion and $10 billion per day.

Fitch had considered the disruption to the vital trade passage to be a “large loss event for the reinsurance industry.”

The rating agency believed the incident will reduce global reinsurers’ earnings but not materially affect their credit profiles, while prices for marine reinsurance will rise further as a consequence of the container ship’s grounding.

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