The ship that blocked the Suez Canal and stopped international shipping has been confiscated and will not be released until $ 900 million has been paid.
Egypt says it will hold the Japanese ship Ever Given until the owner pays compensation, reports the BBC.
The Insurer UK Club said the Suez Canal Authority had turned down an offer to settle the claim.
The $ 900 million bill includes $ 300 million in salvage costs and $ 300 million in loss of reputation.
The 400-meter-long, 220,000-ton ship is currently at anchor halfway down the canal.
It wedged across the canal on March 23, halting international shipping on one of the busiest trade routes in the world. It took six days to move the ship.
More than 400 ships were delayed and could not pass the canal – this is the shortest shipping route between Asia and Europe.
A UK club spokesperson said: “On [Monday]”A carefully considered and generous offer has been made to SCA to settle their claim,” she added. “We are disappointed with the subsequent decision by the SCA to arrest the ship.
“We are also disappointed with the comments from the SCA that the ship will be held in Egypt until the compensation has been paid and that their crew will not be able to leave the ship during that time.”