SUEZ CANAL EXPANSION

THE Suez Canal Authority (SCA) has announced plans to deepen and widen the southern part of the canal where the Ever Given ship became stuck and choked the waterway in March. Egyptian President Abdel Fattah el-sisi approved the plans, which include widening the canal by about 40m. The area would be deepened to 22m from 20m. The SCA has offered to lower the claim against the ship’s insurers from $900 million to $600m. But the insurers say this is too high.