No timeline given for extracting wedged ship from Suez Canal

No timeline given for extracting wedged ship from Suez Canal”

In this photo released by the Suez Canal Authority, a cargo ship, named the Ever Given, sits with its bow stuck into the wall on March 24, 2021, after it become wedged across Egypt's Suez Canal and blocked all traffic in the vital waterway.

"They were hoping high tides today would lift up the ship, because obviously with 20,000 containers it's going to be pretty low in the water, but obviously that hasn't been enough". The result has been a traffic jam of more than 320 ships.

He said that if the current approach comes to a standstill, the authority might consider unloading cargo containers to reduce the weight of the ship. If the blockage continues, the company said it could "create constraints on our supply chain", according to a spokesperson on CNN.

The 400-metre Panama-flagged Ever Given ship has been stuck sideways in the Suez since Tuesday morning after it ran out of power, this has meant that more than 200 vessels have been tailing back from the Suez Canal. Egyptian authorities have prohibited media access to the site.

Lt. Gen. Osama Rabei told a news conference Saturday that an investigation was ongoing but did not rule out human or technical error.

"The ship's stern began (on Friday) to move towards Suez, and that was a positive sign until 11 p.m. (2100 GMT) at night, but the tide fell significantly and we stopped", Rabie told journalists in Suez.

The Suez Canal, which separates the continent of Africa from the Middle East and Asia, is one of the busiest trade routes in the world, handling about 12% of all world trade.

USA and Egyptian officials on Friday said the US military will assist in reopening the Suez Canal, although what form the assistance could take remains unclear.

Cargo Ship Stuck in Suez Canal

"The Biden administration is tracking the situation closely". Cmdr. Rebecca Rebarich, a U.S. Naval Fifth Fleet spokeswoman, said nothing had changed since U.S. Central Command made an offer to help on Friday.

The cargo manager, the worldwide Bernhard Shuttle Ship Management (PSM), said two more duckboats are expected to join the operation today. Those included dozens of container ships, bulk carriers and liquefied natural gas (LNG) or liquefied petroleum gas (LPG) vessels, according to a shipping source.

But the vessel with gross tonnage of 219,000 and deadweight of 199,000 has yet to budge, forcing global shipping giant Maersk and Germany's Hapag-Lloyd to look into re-routing around the southern tip of Africa.

Others also are being diverted.

Oil markets were absorbing the disruption for now, analyst Toril Bosoni said.

"Oil inventories have been coming down but they are still relatively ample", she told The Associated Press, adding that she believes the impact might be more pronounced in the tanker sector than in the oil industry.

See more stories on Insider's business page. Then during the Six Day War, Egypt imposed a blockade to prevent Israeli ships using the canal until 1975. It has been beset with delays in processing ships and freight since previous year and strong winds have also disrupted traffic to the harbour.

Offloading the stranded ship, which has been disrupting global shipping since Tuesday, is the worst-case scenario as it is expected to take the longest time, according to experts.

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