Join our daily newsletter At The Bell to receive exclusive market insights
- Dozens of ships containing a range of commodities remain stuck behind a grounded vessel in the Suez Canal
- A 224,000-tonne ship named the Ever Given has been stranded in one of the world’s busiest shipping canals since Tuesday morning
- The Ever Given became stuck in the sea route after crew lost control of the vessel amid high winds and a dust storm
- The grounding has since delayed around 100 other vessels from being able to move between Asia and Europe, including several oil tankers
- The blockade has already sent oil prices rising early on Wednesday, after another massive selloff on Tuesday
- Extracting the 400-metre-long grounded ship could take up to two days, according to Egyptian officials
Dozens of ships containing a range of commodities, including much-needed oil, remain stuck behind a grounded vessel in the Suez Canal.
A 224,000-tonne ship named the Ever Given has been blocking one of the world’s busiest shipping canal for more than 24 hours.
The 400-metre-long vessel became stuck in the difficult sea route on Tuesday morning after crew lost control of the vessel amid high winds and a dust storm.
Ever Green’s grounding has since delayed around 100 other vessels from being able to access the key shipping route between Asia and Europe.
Amongst the affected ships are around 20 LNG tankers and vessel carrying crude or refined oil, with the delay expected to cause energy price hikes.
Tugboats have already unsuccessfully attempted to nudge the obstructing ship out of the way, with digging machinery now being used to free the ship from the canal’s walls.
At this stage, Egyptian authorities believe it could take up to two days to move the grounded vessel from its lodged position.
“The Suez Canal will not spare any efforts to ensure the restoration of navigation and to serve the movement of global trade,” Suez Canal Authority’s Ossama Rabei said.
The blockade in the canal has already sent oil prices rising early on Wednesday after another massive selloff on Tuesday.
