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Suez Canal Authority

Suez Canal starts dredging work to extend double lane
World

Suez Canal starts dredging work to extend double lane

  • The SCA announced this week that it was planning to extend a second canal lane that opened in 2015 by 10 km to make it 82 km long, and would widen and deepen a single lane stretch at the southern end of the canal.
  • The work had begun following directives from Egyptian President Abdel Fattah al-Sisi "to immediately start implementing the proposed development plan and put in place a timetable for completion as soon as possible".
Updated 15 May, 2021 07:06pm
Egypt seizes Ever Given ship over $900 million Suez Canal compensation bill
World

Egypt seizes Ever Given ship over $900 million Suez Canal compensation bill

  • An Egyptian court ordered the vessel's Japanese owner to pay $916 million in compensation as a result of losses inflicted when the Panamanian-flagged vessel blocked the Suez Canal
  • UK Club says it is the insurer of the Ever Given for certain third-party liabilities including obstruction claims or infrastructure issues but is not the insurer for the vessel itself or the cargo
Updated 14 Apr, 2021 10:53am
Suez Canal shipping backlog ends, days after giant vessel freed
Business & Finance

Suez Canal shipping backlog ends, days after giant vessel freed

  • The last 61 ships, out of 422 ships that were queuing when the vessel was dislodged on Monday, passed through the vital trade artery on Saturday, the Suez Canal Authority (SCA) said.
    • In total, 85 ships had been due to pass through the canal on Saturday including 24 ships that arrived after Ever Given was dislodged, the SCA said.
Published 03 Apr, 2021 06:24pm
Suez Canal races to clear backlog as shipping convoys resume
World

Suez Canal races to clear backlog as shipping convoys resume

  • The blockage threw global supply chains into disarray, threatening costly delays for firms already wrestling with COVID-19 restrictions, and nearly doubled rates for oil product tankers.
  • The Ever Given's grounding across a southern section of the canal forced a halt to all traffic, leading to a build-up of 422 ships at either end of the canal and along its course.
Published 30 Mar, 2021 06:29pm
Suez ship congestion could delay LNG deliveries to Europe
Markets

Suez ship congestion could delay LNG deliveries to Europe

  • The giant ship ran aground on Tuesday. The Suez Canal stepped up efforts on Friday to free the ship and end a blockage on the main route for European imports of LNG from the Middle East and for some cargoes heading to Asia from the Mediterranean.
  • There are now six LNG vessels waiting to enter the canal, with four of them at the southern Red Sea end and two in the Mediterranean, according to data intelligence firm Kpler. A seventh ship is already in the canal, the data showed.
Published 26 Mar, 2021 09:46pm