Tuesday, April 27, 2021
The Bahrain Institute of Banking and Finance (BIBF) held a free of charge virtual masterclass on Microsoft Teams, explaining the circumstances of the Evergreen ship grounding on the Suez Canal, one of the world’s most important trading routes, discussing the economic implications on the world economy and the potential cost on the insurance industry.
In March 2021, the Suez Canal was blocked for six days after the grounding of the Ever Given ship, a 20,000 TEU container ship operated by Ever Green. The 400-metre-long (1,300 ft) vessel was buffeted by strong winds on the morning of 23 March, and ended up wedged across the waterway with bow and stern stuck in the canal banks, blocking all traffic through the canal until it could be freed.
The masterclass hosted Marine Insurance Professional, Mr. Marco Ramzy, where he introduced the concept of Marine Hull Insurance and explained the circumstances of the ship grounding and the rescue process. Furthermore, he shed light on the implications of the incident on the world economy and detailed the losses that are likely to be paid by the Insurance industry under different forms of insurance protections.