The Suez Canal remains blocked, causing heavy shipping spills: Live | Economic News

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Shipwrecks continue to choke traffic in all directions on the Suez Canal, creating one of the worst shipping tags seen in years.

The overnight low tide has delayed efforts to unload a large cargo ship that has choked traffic on both sides of the Suez Canal and created one of the worst shipping tags seen in years.

The Ever Given vessel suddenly landed over the one-way stretch of the southern waterway on Tuesday morning after losing its ability to steer amid high winds and a storm. dust, the Suez Canal Authority (SCA) said in a statement.

It now stops moving across all sides through one of the busiest shipping channels in the world connecting Asia and Europe.

Here are the latest updates:

Five things to find out about the Suez Canal lock

Egypt’s Suez Canal handles about 10 percent of international maritime trade and is one of the busiest waterways in the world, providing an essential link for shipping oil, natural gas and goods between the Atlantic and the Pacific.

When it opened more than 150 years ago, the canal was 164km (102 miles) long and eight meters (26 feet) deep, but after several extensions over the years, it is now 193km (120 miles) long and 24 meters (78 feet) deep.

The canal remains one of Egypt ‘s major foreigners.

Read more here.

Boat owner apologizes

The Japanese owner of the ship has apologized for the incident and the “grave concern” it has caused the other vessels and the parties involved.

Shoei Kisen said they were working with their technical management company and local authorities to get the boat on board, but “the work is extremely difficult”.

“We are deeply saddened to cause great inconvenience to the vessels that are traveling or planning to travel in the Suez Canal, and the people associated with it. “

Tugs working to dispose of a vessel

Efforts to restore the 400-meter-long vessel are back at high tide Thursday, with tubs working to drag the vessel to deeper water, according to vessel discovery data.

Ship tracking software shows five tubs around the Ever Given and three more approaching.

At least 150 other boats that have to go through the emergency waterway waiting to clear the blockade said, authorities said.

A satellite image, released by Planet Labs Inc on March 24, 2021, shows the MV carrier vessel ‘Ever Given’ in Taiwan, a 400-meter-long and 59-meter-wide vessel, on installed on all sides, blocking all traffic over the Egyptian Suez Canal waterway [Planet Labs / AFP]

Oil prices fall slightly

Oil prices plunged more than one percent daily after rising seven percent in response to the ship’s sinking in the Suez Canal.

Crude, which fell to a 14-month high earlier this month, has been selling sharply in the past few weeks amid fears about the impact on demand caused by new European locks.

Axi strategist Stephen Innes said the Suez barrier “means more oil on the water – either queuing for the canal or moving around Africa. The extra travel time is like ‘pipeline filling’ and should support the real jittery market that has been rushing for the door over the last five sessions ”.

Only minor positional changes were recorded

Ship tracking software shows that the Ever Given has made only minor setbacks over the past 24 hours, despite several hoses being installed to drag it to more water. depth, Reuters reported.

Several dozen vessels, including other large vessels, tankers carrying oil and gas, and large vessels hauling grain have been supported at each end of the waterway to make one of the best shipping tags worse than seen in years.

About 30 percent of the world’s shipping volume passes through the Suez Canal 193 km (120 miles) per day, and about 12 percent of total global trade of all goods.

Ships may have to move around Africa

Shipping experts say if the blockage is unlikely to be cleared within the next 24-48 hours, some shipping companies may have to re-route vessels around southern Africa. , which was added about a week to the trip.

But the chairman of the Suez Canal Authority told the media that some cargo could move south despite obstruction and that efforts to eliminate Ever Given would continue.

“As soon as we get this boat out, that is, things will go back to normal. God willing, we will be done today, ”said Chairman Osama Rabie.

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