CAIRO: The Suez Canal Authority (SCA) said on Tuesday it was still open to negotiating with the owners of a giant container ship which blocked traffic in the waterway for six days in March despite an ongoing litigation process in an Egyptian court.
The Ever Given, one of the world’s largest container ships, became jammed across the canal in high winds on March 23, halting traffic in both directions and disrupting global trade.
On Sunday the court rejected a claim by Shoei Kisen, the Japanese owners of the vessel, to have the vessel released from detention.
The SCA is seeking compensation of $916 million for the disruption suffered but said on Tuesday it would be willing to accept a reduced sum of $550 million, including a $200 million deposit paid to secure the ship’s release and the remaining amount payable through letters of credit.
“The Authority has continued dealing with the situation with complete flexibility during the negotiation procedures with the ship’s owner to maintain the long relationship with it as one of our most important customers...,” the SCA said in a statement.
This flexibility also explains “the continuation of negotiations despite the ongoing litigation procedures to reach an agreement that suits all parties,” it added.
The statement echoed comments by SCA chairman Osama Rabie who also told Egyptian state television on Monday that the Shoei Kisen had only offered $150 million in compensation.
Rabie said investigations into how the ship became stranded in the first place had placed responsibility on the ship’s captain alone, rebutting arguments from the owner’s legal team that blamed the SCA for allowing the ship to sail in bad weather.
Twelve ships sailed through the southern section of the Suez Canal on that day despite the weather, the statement said.
Suez Canal Authority says door still open to negotiation with container ship owner
Suez Canal Authority says door still open to negotiation with container ship owner
Saudi POS spending climbs 11% to $4.3bn in early March as retail activity broadens
RIYADH: Saudi Arabia’s total point-of-sale transactions rose 11 percent to SR16.1 billion ($4.3 billion) in the week ending March 7, with most sectors seeing positive weekly change.
According to the latest data from Saudi Central Bank, the number of transactions increased 7.4 percent to 226.2 million.
Spending on education saw the biggest uptick at 39.4 percent to SR130.7 million, followed by jewelry, which increased by 35.8 percent to SR693.11 million.
Expenditure on clothing and apparel saw an rise of 31.7 percent to SR2.5 billion, and spending on pastries posted an 18 percent increase. Hotel outlays dropped by 11 percent to reach SR334.83 million.
Spending in pharmacies on medical supplies was up 2.6 percent to reach SR261.06 million, while spending on medical services saw a 9 percent increase to SR579.33 million.
Expenditure on food and beverages rose 7.5 percent to SR2.5 billion, while spending on restaurants and cafes increased by 14.7 percent to SR1.4 billion.
The sharpest drop in spending occurred in freight transport, postal and courier services, which fell by 30.9 percent. This decline followed major disruptions in the region after the closure of the Strait of Hormuz, triggered by the ongoing armed conflict involving the US, Israel, and Iran.
Prior to the hostilities, this category had seen a 50 percent increase in the week ending Feb. 28 — the last day before the hostilities began, leading to the strait’s shutdown, causing significant disruptions in logistics and oil shipments across the region.
The Kingdom’s key urban centers mirrored the weekly surge.
Riyadh, which accounted for the largest share of total POS spending, saw a 10 percent surge to SR5.35 billion, up from SR4.86 billion the previous week.
The number of transactions in the capital reached 69.6 million, up 5.9 percent week on week.
In Jeddah, transaction values increased 17.6 percent to SR2.34 billion, while Dammam reported a 7.9 percent increase to SR743.65 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
