Ship partially refloated, but still stuck in Suez Canal to block traffic

Tuesday, 30 Mar, 2021

Horns sounded in celebration as the Ever Given - a boat longer than the Eiffel Tower - made her way up the canal after a frantic rescue operation involving teams of tugs and dredgers working day and night.

The container ship "Ever Given" is refloated, unblocking the Suez Canal on 29 March, 2021 in Egypt.

"Given the volatility last week, Brent looks set to move to the lower end of its $60.00 to $65.00 a barrel range", he said, while USA oil is "likely to drop to the lower side of its $57.50 to $62.50 a barrel weekly range".

The freed vessel travelled north to the Great Bitter Lake, through which the canal passes, "for an inspection of its seaworthiness", said the Taiwan company Evergreen which operates the ship.

Confirmation the mega-ship was free came around 1pm on Monday afternoon.

He said his team and experts from the Suez Canal Authority had "successfully refloated the Ever Given...thereby making free passage through the Suez Canal possible again".

Video showed the stern of the huge Ever Given ship swung towards the canal bank, with voices heard shouting in celebration as tug boats moved around it.

He praised the duration of the salvage operation on the MV Ever Given as "record-breaking", claiming it would have taken three months anywhere else in the world.

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. Many ships did not wait and left to travel around the Cape of Good Hope at Africa's southern tip.

While remaining volatile amid concerns about when the backlog of ships in the waterway that handles about 15 percent of global shipping would be cleared, at 10.46 (GMT) Brent crude oil futures for June delivery recovered 0.98 percent to $65.06.

Buffeted by a sandstorm, the Ever Given had crashed into a bank in a single-lane stretch of the canal about 3.7 miles north of the southern entrance, near the city of Suez.

Szakonyi said the situation might also have an adverse impact on Canadian exporters' ability to ship their goods out of the country if container lines are prioritizing inbound cargo. The canal's construction, which began in early 1859, took ten years to complete, required over 1.5 million workers, and costs more than $100 million to build.

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.

Egypt was estimated to have lost some $12-14 million in revenue from the canal for each day it was closed, according to the canal authority.

Some ship managers last week chose to reroute their cargoes around the Cape of Good Hope, adding about two weeks to journeys and extra fuel costs.