📺 Stream EntrepreneurTV for Free 📺

IKEA, Lenovo Among Businesses with Products Still Stalled in the Suez Canal The massive cargo ship has 18,300 containers on board.

By Euni Han Edited by Emily Rella

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

Mahmoud Khaled | Stringer | Getty Images

Ever Given hasn't budged after being freed from the Suez Canal. Egypt's government has impounded the vessel for months as it awaits payment on a $900 million compensation bill, CNN reports.

The ship made headlines in March when it ran aground in the canal for six days, blocking hundreds of ships from passing through the waterway. Suez Canal Authority filed a $916 compensation claim against the ship's owner, Japan's Shoei Kisen Kaisha or Evergreen, for losses and damages that accrued during that time.

Related: Suez Canal Crisis: Key Takeaways For the Maritime Industry

Ever Given was then impounded with its thousands of containers holding products from companies like IKEA, Lenovo and smaller businesses like UK bicycle maker Pearson 1860.

Director Will Pearson says his company has $100,000 worth of goods on board and communication has been poor:

"There seems to be ongoing shifting of blame and insurance wrangling taking place between the ship owners, Evergreen and the Suez Canal authorities."

Related: Egypt Has Seized the Ever Given and Now Wants More Than $900 Million for the Blockage the Ship Caused at the Suez Canal

When an agreement is finally reached, companies may have to pay for part of the settlement.

A maritime law principle called "general average" mandates that all involved parties share the costs of a loss. Some law firms estimate the total value of goods on Ever Given range between $600 and $700 million.

The Suez Canal Authority did not respond to requests for comment. Shoei Kisen Kaisha declined comment.

Related: Large Container Ship Finally Freed From Suez Canal

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

These Coworkers-Turned-Friends Started a Side Hustle on Amazon — Now It's a 'Full Hustle' Earning Over $20 Million a Year: 'Jump in With Both Feet'

Achal Patel and Russell Gong met at a large consulting firm and "bonded over a shared vision to create a mission-led company."

Business News

These Are the 10 Most Profitable Cities for Airbnb Hosts, According to a New Report

Here's where Airbnb property owners and hosts are making the most money.

Side Hustle

How to Turn Your Hobby Into a Successful Business

A hobby, interest or charity project can turn into a money-making business if you know the right steps to take.


Want to Be More Productive? Here's How Google Executives Structure Their Schedules

These five tactics from inside Google will help you focus and protect your time.

Starting a Business

This Couple Turned Their Startup Into a $150 Million Food Delivery Company. Here's What They Did Early On to Make It Happen.

Selling only online to your customers has many perks. But the founders of Little Spoon want you to know four things if you want to see accelerated growth.