In March, a ship blocked the Suez Canal. The Suez Canal connects Asia to Europe by sea. Egypt lost a lot of money because of the accident.
The owner of the ship doesn’t want to pay Egypt any money, so Egypt took the ship. Egypt is now keeping the ship at its port until they receive the money.
Egypt said they are speaking with the ship owner at the moment. Egypt wants to reach a deal with the ship owner. The ship owner also wants to reach a deal, so they can get back to doing business.
Accident – Something bad which happened by chance.
Port – A place where boats are parked.
Ship owner – The person who owns the ship.
Deal – An agreement between two (or more) people.
Hold onto – Keep.