Massive cargo ship still blocking Egypt's Suez Canal

Massive cargo ship still blocking Egypt's Suez Canal”

On Wednesday they rebounded after news that the canal, a key waterway for global trade, was being blocked by a container ship that has run aground and is delaying ship movement.

Around 30% of the world's shipping container volume passes through the Suez Canal per day, according to Reuters, and about 12% of total global trade of all goods.

The Ever Given first got stuck across the vital shipping route on Tuesday, with Egyptian authorities still desperately trying to shift the 59-metre (193-foot) wide and 400-metre (1,312-foot) long ship.

Comic artist Chaz Hutton posted his original artwork about the traffic jam, relating it to procrastination.

Lieutenant General Osama Rabie, head of the Egyptian Suez Canal Authority, announced that the authorities are considering granting compensation to ships that have stopped in the canal's waiting areas until the giant container ship Ever Given floated.

Boats "The Tenth of Ramadan", "Long Live Egypt 1", and "Long Live Egypt 2" have joined efforts to pull the sand around the grounded ship, along with eight other tug boats that have been working since the ship grounded.

"It is, in a manner of speaking, a very heavy whale on the beach", Berdowski told Dutch program Nieuwuur on Wednesday.

"My tasks" read another, overlaying an image of the heavily laden Ever Given blocking the Suez canal.

At least 150 other vessels have been kept idling as efforts to dislodge the MV Ever Given, a Panama-flagged container ship are still underway.

"We've never seen anything like it before", said Ranjith Raja, Middle East oil and shipping researcher at financial data firm Refinitiv.

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Cargo ships already behind the Ever Given in the canal will be reversed south back to Port Suez to free the channel, Leth Agencies said. "We might have to work with a combination of reducing the weight by removing containers, oil and water from the ship, tug boats and dredging of sand".

Berdowski noted that the operation may take weeks.

Bernhard Schulte Shipmanagement is the company that supervises the Ever Given.

The Suez is an "absolutely critical" route, said Camille Egloff, a maritime transport specialist at Boston Consulting Group.

Chairman of Suez Canal Osama Rabie said that sailing in the global waterway will be allowed for a whole day once the ship floats in order to make it up for ships whose crossing got delayed.

Egypt earned $5.61 billion in revenues.

As dozens of ships have been left delayed behind the stranded ships and damage has occurred to the ship and the probably to the canal, questions were raised about which party would be responsible for the compensation.

At times, China has been exporting three containers for each one imported as firms seized market share from rivals in hard-hit countries overseas.

It was closed for six months after Egypt nationalised the canal operating company in 1956, prompting an abortive invasion by Britain, France and Israel.

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