Statement on the knock-on effect of the Ever Given incident
Viewers can read the quote below highlighting the knock-on effect of the Suez Canal being blocked.
Nick Austin, shipping partner at global law firm Reed Smith, said:
“With the Ever Given now freed from its temporary resting place, and the backlog of ships starting to clear, attention inevitably turns to counting the cost. Quite apart from fines or compensation claimed by the Egyptian government, dozens of vessels delayed by the closure will be late to their destinations, potentially triggering claims from charterers waiting to load cargo, or from customers expecting their goods to market much earlier. Period and spot fixture terms can vary enormously, and each vessel will have its own bill of lading arrangements to think about. Contracts will need to be read carefully to see if, and from whom, any losses and additional costs can be claimed.”