April 7 (UPI) -- Officials are reviewing the information contained on the black boxes of a large container ship that got lodged sideways in Egypt's Suez Canal last week to determine the cause of the accident, local authorities said Wednesday.
Osama Rabie, chairman of the Suez Canal Authority, said a preliminary report on the grounding could be released later this week.
"All alternatives are on the table after the end of the investigations, including peacefully negotiating away from the judiciary to obtain the right of the authority including $1 billion in losses as a result of the suspension of navigation and the work done to salvage the ship," he said in a news conference.
The 1,300-foot-long container ship Ever Given became stuck along the vital oil and natural gas trade on March 23, blocking hundreds of vessels traveling both directions. Officials believe a sandstorm was to blame for the incident.
Work crews refloated the 200,000-ton ship less than a week later.
Rabie said the estimated $1 billion cost of the incident doesn't include the losses faced by owners of the other ships affected by the blockage. German insurer Allianz estimated the incident cost $400 million an hour in trade, according to USA Today.
The SCA is seeking $1 billion from the owners of the Ever Given, according to local media reports.