Suez Canal Blocked (NOW UNBLOCKED)

I think this will be a big wake-up call for the mega Box-Boat industry. They have such poor standards in safety, crewing and engineering/load master qualitity.

It is only Business: Hire the cheapest Captain and Officers you can find, and the cheapest crew members. In this case: 25 Indians on the boat, but the ship’s owners are Japanese: The most expensive country hire the cheapest help.
Pay peanuts...

The sad thing is all of the merchants that have containers on the ship are getting completely screwed over when most of their goods might be destroyed by now.

Two Container ships collide Suez Canal a few years ago

Yes, as are all operating costs and as they must be. However, in the total picture, this is just a small piece.

Not only that, but they have shared responsibility as per Egyptian law and have to chip in for the $1 billion fee/fine.
IKEA for instance had 110 containers on the ship and a Swedish news station reported they will have to pay their share..

That's ridiculous, but if it was a mechanical issue. The ship should be responsible, not the guy who paid the shipper to load 1 container on a ship with 20,000. It's different if you chartered the entire freighter. Think about it. If you send a package UPS, and their plane crashes and causes $20 million in damage, should you be billed a $2000 fine for the package you paid UPS to ship on their airplane?

The other thing is the canal charges a hefty fee to navigate it, an accident happens, well that fee should include costs for a what if, since they're providing a service, accidents happen, their pilots were on that ship piloting it, they chose to let the ship pass and scheduled it during that weather event. IF the ship didn't have a mechanical issue, the canal should eat the cost as the cost of doing business.

Even if they accept responsibility, it's a cost to the business and ultimately it's a cost that goes back to the consumer. That's who funds businesses.

Cargo was long ago considered to have no value by those who own it. You just write it off immediately. At the very best, some may end up one day donated to poverty stricken countries.

No, eventually returned to the owners who either send to charity or dump for 10-20 cents on the dollar.