Suez Canal Blockage

The Ever Given container ship that had blocked the Suez Canal in March left Egyptian waters at 4 am local time following inspections at Port Said, a canal source said on Tuesday.

For a nation that provides safe passage for so many ships through its waters, Egypt offered up rather special treatment for the Ever Given.

Once the container ship blocking the Suez Canal is refloated it will take three and a half days to clear a traffic jam of hundreds of vessels, Egyptian authorities said Monday.

Suez Canal salvage teams intensified excavation and dredging on Sunday around a massive container ship blocking the busy waterway ahead of attempts to refloat it, with two sources saying work had been complicated by rock under the ship's bow.

Egypt's Suez Canal Authority chief said Saturday that strong wind was not the main reason for the grounding of the MV Ever Given cargo ship in the waterway.

The government on Friday said a four-point plan has been chalked out to deal with the situation arising from the blockage of Suez Canal.

U.S. West Texas Intermediate (WTI) crude was up $2.16, or 3.7 per cent, at $60.72 a barrel, having tumbled 4.3 per cent a day earlier.

The container ship blocking the Suez Canal could cost global trade $6 billion to $10 billion a week, a study by German insurer Allianz showed on Friday.

Analysts expect a larger upward impact on smaller tankers and oil products, like naphtha and fuel oil exports from Europe to Asia, if the canal remained shut for weeks.

The Ever Given container ship that had blocked the Suez Canal in March left Egyptian waters at 4 am local time following inspections at Port Said, a canal source said on Tuesday.

For a nation that provides safe passage for so many ships through its waters, Egypt offered up rather special treatment for the Ever Given.

Once the container ship blocking the Suez Canal is refloated it will take three and a half days to clear a traffic jam of hundreds of vessels, Egyptian authorities said Monday.

Suez Canal salvage teams intensified excavation and dredging on Sunday around a massive container ship blocking the busy waterway ahead of attempts to refloat it, with two sources saying work had been complicated by rock under the ship's bow.

Egypt's Suez Canal Authority chief said Saturday that strong wind was not the main reason for the grounding of the MV Ever Given cargo ship in the waterway.

The government on Friday said a four-point plan has been chalked out to deal with the situation arising from the blockage of Suez Canal.

U.S. West Texas Intermediate (WTI) crude was up $2.16, or 3.7 per cent, at $60.72 a barrel, having tumbled 4.3 per cent a day earlier.

The container ship blocking the Suez Canal could cost global trade $6 billion to $10 billion a week, a study by German insurer Allianz showed on Friday.

Analysts expect a larger upward impact on smaller tankers and oil products, like naphtha and fuel oil exports from Europe to Asia, if the canal remained shut for weeks.