Container ship stranded in Suez Canal re-floated

Race To Free Giant Ship From Suez Canal Continues

The German radio, NDR, said that ongoing European discussions at the level of the European Union are demanding that EVER GIVEN ship should be prevented from passing through any port in Europe due to its repeated technical problems that affect global navigation and the failure of its captain to control it.

The Reuters news agency reported that it had seen images of the ship straightened in the canal and quoted unnamed local sources saying the Ever Given was back on its "normal course".

Shoei Kisen Kaisha Ltd., the company that owns the vessel, said it was considering removing containers if other refloating efforts failed.

While traffic remains closed, other vessels in the canal are weighing whether to continue to wait for the ship to be freed or to take a chance on costly alternate routes, like going around Africa.

"Once re-floated, the vessel will undergo a full inspection and BSM will cooperate fully with the authorities in any investigations", the company said.

"This is a warning about how vulnerable our supply chains are and how the just-in-time inventory techniques that have been so popular have to be rethought", he said.

Concerns rose over the weekend about the impact of the blockage on global supply chains.

The canal is operated by Egypt through its state-owned Suez Canal Authority.

Suez Canal faces prolonged blockage, sparking fear for exporters
The Egyptian authorities have announced that they are considering paying compensation to stalled ships due to the accident. Attempts are being made to refloat the vessel, but one of the companies involved in the efforts said it may take weeks .

The skyscraper-sized Ever Given became stuck in the Suez Canal last Tuesday and has held up $9 billion in global trade each day, bringing disruption to the vital waterway. That makes it the most important conduit for trade between Europe and Asia. Some 19,000 vessels passed through the canal past year, according to official figures. Neighbouring Lebanon was also concerned about fuel supply delays.

The closure could affect oil and gas shipments to Europe from the Middle East. Almost 10% of oil shipments and 8% of global liquid natural gas moves through the Suez Canal, according to the U.S. Energy Information Administration.

Meanwhile, US president Joe Biden has also offered to help solve the dilemma, including sending the US Navy, as the trade route crisis enters its fifth day.

The disruption from the canal blockage comes at tricky time for worldwide trade and shipping, noted Fiona Boal, global head of commodities at S&P Dow Jones Indices.

And because the oil demand is so low due to the pandemic Antweiler says it's "putting a damper on any potential price increase the refineries". Benchmark U.S. crude oil for May delivery fell $1.03 to $59.91 per barrel on Monday after rising $2.41 on Friday.

The SCA announced on Friday resuming efforts to re-float the ship, using 9 big tugboats, including "Baraka 1" and "Izzat Adel", after the completion of the dredging work near the vessel's bow using "Mashhour" dredge.

With more than 360 ships waiting to enter the canal, which handles around 10% of worldwide maritime trade, Egypt President Abdel Fattah al-Sissi ordered preparations to begin to remove some of the 18,300 containers from the vessel. He said officials have been in discussions with the USA about removing some of the cargo.

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