An Egyptian court postponed a hearing on Saturday on the Suez Canal's compensation case filed by the owner of a container ship that blocked the canal for six days in March, giving the two sides more time to negotiate, legal sources said.
On March 23, the Changzhi, one of the world's largest container ships, blocked a canal in strong winds, disrupting two-way traffic and disrupting global trade.
The Suez Canal Authority (SCA) initially asked the Japanese shipowner, Shoei Kisen, for $916 million in compensation for the damage caused by the blockage.
But earlier this week, SCA said it was willing to accept $550 million, including a deposit of $200m to secure the ship's release and the remaining amount paid by letter of credit.
Osama Rabbi (Osama Rabie), chairman of SCA, said Japanese shipowner Shoei Kisen was only willing to pay $150 million.
A lawyer representing the shipowner said the two sides had asked to postpone Saturday's hearing to facilitate further negotiations.
"both sides have asked for an extension and we have not yet determined any amount of compensation," said the lawyer, who spoke on condition of anonymity. This will take place after several new negotiations with the Suez Canal. "
SCA said on its social network page that the court now plans to hold a hearing on June 20.