Saturday, 19 June, 2021


Ever Given Ship In Suez Canal Is Re Floated With Egyptian Help

Tug boats work to free the Panama-flagged Japanese-owned Ever Given lodged across the Suez Canal Tug boats work to free the Panama-flagged Japanese-owned Ever Given lodged across the Suez Canal
Patty Aguilar | 29 March, 2021, 16:37

"But I wouldn't say it's a piece of cake now", Peter Berdowski, the CEO of Smit Salvage's parent company Boskalis, told Dutch public radio. The obstruction is holding up $9 billion each day in global trade and straining supply chains already burdened by the coronavirus pandemic.

Egypt is eager to resume traffic along the Suez Canal, which brings in between $5 billion and $6 billion in revenue each year.

Rabie said that the president authorized the acquisition of special equipment necessary to move some of the 18,000 containers from the vessel.

A video posted on Facebook early on Monday appeared to show the stern of the container ship that had been stuck in the Suez Canal swung towards the canal bank, opening space in the narrow channel.

Video posted on social media showed the ship being moved by the tug boats, opening up space in the Suez Canal for the first time in almost a week.

The Heritage Foundation energy economist Nick Loris provides an update on the blockage in the Suez canal and the impact it will have on energy markets.

The BBC, citing the Suez Canal Authority, reported that the ship has been corrected by 80% and freed from the shoreline.

Egypt orders lightening stranded ship's cargo in Suez Canal

In an effort to reassure the shipping community, the chief of the Suez Canal Authority, Lt. Gen. Osama Rabie said that the waterway would open up allowing waiting ships to pass "immediately upon the complete restoration of the vessel's direction". The official spoke on condition of anonymity due to the sensitivity of the issue.

The ship has been mostly dislodged and crews plan to fully refloat it later on Monday, the SCA confirmed.

Crude oil prices fell after news the ship had been re-floated, with Brent crude down by $A1.3 per barrel to $A83. The tugboats will nudge the 400-metre-long Ever Given as dredgers continue to vacuum up sand from underneath the vessel and mud caked to its port side, said Bernhard Schulte Shipmanagement, which manages the Ever Given.

Although the vessel is vulnerable to damage in its current position, the vessel's owner dismissed concerns on Monday, saying that the ship's engine was functional and it would head north when freed.

The ship, called the Ever Given, has been blocking the trade route for nearly a week. The prices had gone up after the canal was blocked on Tuesday.

The unprecedented shutdown has threatened to disrupt oil and gas shipments to Europe from the Middle East and raised fears of extended delays, good shortages and rising costs for consumers.

Data firm Refinitiv estimated it could take more than 10 days to clear the backlog of ships. The Suez Canal salvage teams intensified excavation and dredging on Sunday and were hoping a high tide would help them dislodge it.

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