{"id":118884,"date":"2021-03-29T15:52:07","date_gmt":"2021-03-29T15:52:07","guid":{"rendered":"https:\/\/precoinnews.com\/?p=118884"},"modified":"2021-03-29T15:52:07","modified_gmt":"2021-03-29T15:52:07","slug":"traffic-in-suez-canal-resumes-after-stranded-ship-refloated","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/traffic-in-suez-canal-resumes-after-stranded-ship-refloated\/","title":{"rendered":"Traffic in Suez Canal resumes after stranded ship refloated"},"content":{"rendered":"<p>ISMAILIA, Egypt (Reuters) &#8211; Shipping traffic through Egypt\u2019s Suez Canal resumed on Monday after a giant container ship which had been blocking the busy waterway for almost a week was refloated, the canal authority said.<\/p>\n<p>The 400-metre (430-yard) long Ever Given became jammed diagonally across a southern section of the canal in high winds early last Tuesday, halting traffic on the shortest shipping route between Europe and Asia.<\/p>\n<p>Live footage on a local television station showed the ship surrounded by tug boats moving slowly in the centre of the canal on Monday afternoon. The station, ExtraNews, said the ship was moving at a speed of 1.5 knots.<\/p>\n<p>\u201cAdmiral Osama Rabie, the Chairman of the Suez Canal Authority (SCA), announces the resumption of maritime traffic in the Suez Canal after the Authority successfully rescues and floats the giant Panamanian container ship EVER GIVEN,\u201d a statement from the SCA said.<\/p>\n<p>\u201cShe\u2019s free,\u201d an official involved in the salvage operation said.<\/p>\n<p>After dredging and excavation work over the weekend, rescue workers from the SCA and a team from Dutch firm Smit Salvage had succeeded in partially refloating the ship earlier on Monday using tug boats.<\/p>\n<p>\u201cThe time pressure to complete this operation was evident and unprecedented,\u201d said Peter Berdowski, CEO of Smit Salvage owner Boskalis after the Ever Given was refloated.<\/p>\n<p>Related Coverage<\/p>\n<\/p>\n<p>See more stories<svg class=\"RelatedCoverage-arrow-FcSsk\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 27 17\"><\/svg><\/p>\n<p>The company said approximately 30,000 cubic metres of sand was dredged to refloat the 224,000-ton container ship and a total of 11 tugs and two powerful sea tugs were used to pull the ship off.<\/p>\n<p>Evergreen Line, which is leasing the Ever Given, confirmed the ship had been successfully refloated and said it would be repositioned in a lake that sits between two sections of the canal and inspected for seaworthiness.<\/p>\n<p>Bernhard Schulte Shipmanagement (BSM), the technical managers of the container ship, said there were no reports of pollution or cargo damage, and initial reports ruled out any mechanical or engine failure as a cause of the grounding.<\/p>\n<h2>QUEUE<\/h2>\n<p>At least 369 vessels are waiting to transit the canal, including dozens of container ships, bulk carriers, oil tankers and liquefied natural gas (LNG) or liquefied petroleum gas (LPG) vessels, the SCA\u2019s Rabie said.<\/p>\n<p>The authority said earlier it would be able to accelerate convoys through the canal once the Ever Given was freed. \u201cWe will not waste one second,\u201d Rabie told Egyptian state television.<\/p><figcaption class=\"Slideshow-description-447Md\">Slideshow <span>( 5 images )<\/span><\/figcaption><p>He said it could take up to three days to clear the backlog, and a canal source said more than 100 ships would be able to enter the channel daily. Shipping group Maersk said the knock-on disruptions to global shipping could take weeks or months to unravel.<\/p>\n<p>(Graphic: Ever Given contained vessel refloated, but massive ship jam remains at Suez Canal &#8211; )<\/p><figcaption class=\"Slideshow-description-447Md\">Slideshow <span>( 5 images )<\/span><\/figcaption><p>Egyptian President Abdel Fattah al-Sisi, who had not publicly commented on the blockage, said Egypt had ended the crisis and assured resumption of trade through the canal.<\/p>\n<p>Oil prices were more than 1 percent lower at $63.85 a barrel after the ship was refloated. Shares of Taiwan-listed Evergreen Marine Corp &#8211; the vessel\u2019s lessor &#8211; closed 1.75% higher after the ship was partially refloated earlier on Monday.<\/p>\n<p>About 15% of world shipping traffic transits the Suez Canal, which is an important source of foreign currency revenue for Egypt. The stoppage was costing the canal $14-15 million a day.<\/p>\n<p>Shipping rates for oil product tankers nearly doubled after the ship became stranded, and the blockage has disrupted global supply chains, threatening costly delays for companies already dealing with COVID-19 restrictions.<\/p>\n<p>Maersk was among shippers rerouting cargoes around the Cape of Good Hope, adding up to two weeks to journeys and extra fuel costs.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/egypt-suezcanal-ship\/update-11-traffic-in-suez-canal-resumes-after-stranded-ship-refloated-idUSL1N2LR06I\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISMAILIA, Egypt (Reuters) &#8211; Shipping traffic through<\/p>\n","protected":false},"author":3,"featured_media":118883,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Traffic in Suez Canal resumes after stranded ship refloated - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/traffic-in-suez-canal-resumes-after-stranded-ship-refloated\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Traffic in Suez Canal resumes after stranded ship refloated - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"ISMAILIA, Egypt (Reuters) &#8211; 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