The Aftermath of the Evergiven Incident

The Suez Canal is an artificial sea-level waterway in Egypt, connecting the Mediterranean Sea to the Red Sea through the Isthmus of Suez and dividing Africa and Asia.It Is Also A tourist Spot of Great Significance.However The Suez Canal Was in The News for the wrong reasons recently.

A Large Marine Vessel Named the "Evergiven" Got Lodged Into the Narrow Length of the canal And was about to stay that way for days.As Worthless it May seem,This incident has had an adverse effect on trade All over the world.For those who don't Know,The Suez Canal is said to be responsible for 30 percent of the World's Maritime Trade.

A Blockage in the Suez Canal Resulted in a Disruption of Billion dollars of trade and It's Effects can be Felt By The Market for the next few Months.The Ship Was Stuck For the Next 6 days and caused a great loss to Maritime trade.Authorities and Ship Personnel tried their Best and after their efforts,The Evergreen was turned and Removed from the Suez Canal Succesfully.

However the Incident is Far from Over as A Legal Battle between The Ship's Owner Filed a Lawsuit against the Ship Operator.The Evergiven is registered in Panama and is owned by two Japanese companies, Luster Maritime and Higaki Sangyo Kaisha, which are both subsidiaries of holding company Shoei Kisen Kaisha and are the claimants in the case.

Evergreen Marine Corporation, a Taiwanese conglomerate named as the defendant, is leasing it. Furthermore, the ship's technical manager is Bernhard Schulte Shipmanagement who was responsible for Hiring the Indian Crew But Is Not Mentioned in the Lawsuit.

Meanwhile, a slew of independent inquiries would attempt to find out who was to blame for the incident. Egypt has also conducted its own inquiry, which will include interviews with the ship's captain and crew as well as a study of the data recorder that acts as the vessel's "black box." Since the Ever Given is registered in Panama, as is the German ship management company that hired the crew, the Panamanian maritime authority has also promised to conduct its own investigation.

The legal wrangling could become much more difficult if these inquiries deliver conflicting results. Egypt's Suez Canal Authority has recently argued that it, too, needs to be compensated for the Incident

Where the Case Goes from Here on Is yet to be seen as Events are Unfolding.Only Time Will Tell Who Was Responsible for a Billion-Dollar Trade Deficit

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