[120521.EN.BIZ] Egyptian Court Blocks Ever Given's Departure, Rejects Owner's Appeal

 

AN Egyptian court has ruled that the 20,388 TEU Ever Given containership which blocked the Suez Canal in March will continue to be held in the waterway, rejecting an appeal by its Japanese owner, Shoei Kisen Kaisha, against its detention.

The Suez Canal Authority has been demanding US$916 million in damages from the six-day blockage that the huge 400-metre-long ship created on the waterway, reports Singapore's Splash 247.

The ship has been arrested and is anchored at the Bitter Lakes area while its owner and insurance parties negotiate with Egyptian authorities over the price for its release. In the meantime, crew who have worked their contract lengths have been allowed to head home and be replaced.

General average has been declared by the ship's owner with shippers braced for a big bill to get the 18,300 containers onboard moved to their European destinations.

Shoei Kisen Kaisha has applied the International Convention on Limitation of Liability on the Ever Given, whereby it will aim to cap claims to a maximum of $115 million.

UPS Q1 revenues increase 27pc to US$23b as pandemic drives demand

US multinational package delivery and supply chain management company UPS achieved increased revenues across all of its divisions, the company reported its first quarter 2021 results - and it attributed this to demand driven by the pandemic, reports London's Air Cargo News.

The company's consolidated revenue increased by 27 per cent year on year to US$22.9 billion, while consolidated operating profit climbed 158 per cent to $2.8 billion.

UPS chief executive Carol Tome commented: ""During the quarter, we continued to execute our strategy under the better not bigger framework, which enabled us to win the best opportunities in the market and drove record financial results."

Driven by "strong demand in nearly all businesses", UPS' supply chain and freight segment achieved a 34 per cent year-on-year increase in revenues to $4.3 billion. Operating profits climbed 104 per cent to $321 million

Driven by "growth from small and medium-sized businesses", revenues for UPS' domestic US segment increased by 22 per cent year on year to $14.01 billion. Operating profit for the sector increased 273 per cent to $1.4 billion.

The company's international revenues rose 36 per cent year on year to $4.6 billion, "led by Asia and Europe", while the sector's operating profit increased 97 per cent to $1.1 billion.

Source : HKSG / Photo : African Review.