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Maritime law is some weird stuff, it's roots date back to the middle ages and a lot of it doesn't make sense at all to modern people. It's kind of no man's land because it usually operates outside national boundaries, there's a lot of "might makes right" to it.

Essentially this ship is being held hostage for ransom and there's not a lot anyone can do about it since it's trapped inside an Egyptian waterway. If it happened in international waters then the insurers could send a team to steal the ship back (yep, they have folks that do this), but being still inside Egypt they can't really do that.

I hope things these sailors can find a way out. Right now they're essentially trapped in a giant pissing contest between Egypt and Evergreen. Likely Egypt was as much or more at fault for the incident since their pilot was on board at the time and his whole reason for being there is to make sure things like this don't happen.