Ever Given cargo includes IKEA products and Snuggies
The great and beautiful Ever Given is still stuck in the suez canal, trapped now by the legal wrangling of insurance companies, shipping conglomerates and an entire country. And with the ship stuck, the same goes for the cargo and some crew members. We’re learning more about what’s on Ever Given and how long it could stay there. It turns out that it is not just garden gnomes which have been blocked since March.
Ever Given spent six days blocking the Suez Canal after the mega freighter got stuck in the sand along the canal during an intense sandstorm. Once it was bailed out, he was sent to Great Amer Lake while all sides confronted him outside in class determine who would pay for the disaster. It’s not just big companies waiting for articles blocked on Ever Given. Of CNN:
IKEA and Lenovo (LNVGF) are among the companies whose products are stranded on the Japanese vessel that blocked the Suez Canal for six days in March. Smaller companies such as British bicycle maker Pearson 1860 and Snuggy UK, which makes portable covers, also have vital drives stuck in limbo.
“We don’t have much hope of seeing our stock this year and although it is insured in transit, we guessed that there will be little chance of seeing a settlement for months or even years,” Will Pearson, director of Pearson 1860, told CNN Business. His company has products worth over $ 100,000 on the ship.
Egyptian court seized Ever Given and its 18,300 containers after the Suez Canal Authority filed a first $ 916 million compensation claim against Japanese shipowner Shoei Kisen Kaisha for damage and loss suffered when the vessel ran aground in a narrow part of the canal, blocking traffic.
The process of getting all of these gifts off the big boat is going to be a real headache. No one seems to budge on who is at fault. While Egypt has reduced its claim for compensation to $ 550 million from $ 918 million, the Suez Canal Authority accuses the whole mega freighter captain fiasco, despite the presence on board of several SCA pilots and their insistence that the vessel could continue to cross the canal safely. The various stakeholders of Ever Given, naturally, blame the incredible windstorms and the SCA pilots for the calamity of the ship.
While large companies are falling behind, smaller ones are struggling. For example, there’s almost half a million dollars worth of Snuggies on this boat, half of its stock for the year. A small home appliance company lost $ 100,000 in commercial refrigerators that restaurants relied on to reopen after COVID shutdowns.
What’s crazy is that companies with articles on Ever Given could end up having to pay in a settlement, or at least their insurance companies will, although they weren’t involved in the crash. . A maritime law called “general average” puts IKEA, Snuggy and other companies involved in the Ever Given trip on the hook for losses, reports CNN. Apparently it’s based on a law from the ancient past:
The principle finds its roots in the regulations governing maritime trade established by the people of Rhodes over a millennium ago in what is today Greece.
” If someone [the ship owners in this case] incurs an extraordinary expense for the common good, so everyone is welcome to contribute, ”said Jai Sharma, freight accident manager at Clyde & Co., a law firm that represents businesses and insurers with more of $ 100 million in freight on the Never Given. The company estimates the total value of cargo on board at between $ 600 million and $ 700 million.
Wait, are we still operating by the rules set by the ancient Greeks? What the hell. No wonder all this cleaning up has been an epic shit show.