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CAIRO: A megaship which blocked Egypt's Suez Canal and crippled world trade for nearly a week has been 'seized' on court orders until the vessel's owners pay $900 million, canal authorities said Tuesday.

The MV "Ever Given was seized due to its failure to pay $900 million" compensation, Suez Canal Authority chief Osama Rabie was quoted as saying by Al-Ahram, a state-run newspaper.

The Japanese-owned, Taiwanese operated and Panama flagged vessel got diagonally stuck in the narrow but crucial global trade artery in a sandstorm on March 23, setting in motion a mammoth six-day-long effort by Egyptian personnel and international salvage specialists to dislodge it.

Maritime data company Lloyd's List said the blockage had held up an estimated $9.6 billion worth of cargo each day between Asia and Europe. The canal is economically vital to Egypt, which lost between $12 and $15 million in revenues for each day the waterway was closed, according to the canal authority. The $900 million compensation figure was calculated based on "the losses incurred by the grounded vessel as well as the flotation and maintenance costs, according to a court ruling.

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