Agreement in Principle Reached for Release of Ever Given
ISMAILIA, June 23 (Reuters) – The owners and insurers of a giant cargo ship that blocked the Suez Canal in March have reached agreement in principle in a compensation dispute...
A consortium consisting of Royal Boskalis Westminster N.V. (Boskalis), Van Oord, NMDC (Abu Dhabi) and Jan de Nul (Belgium) has won a contract from the Suez Canal Authorities in connection with the expansion of the Suez Canal. The total contract value amounts to USD 1.5 billion, with each partner entitled to an equal share of USD $375 million.
The Suez canal, a vital trade link between Europe and Asia is to be widened over a 3 to 5 year period with a total cost of around USD $4 billion. It will partially run in parallel to the current canal for approximately 50 kilometers. Dredging will commence this year with completion planed in 2015.
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