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Apr 27, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►

Suez Canal blockage

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

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
TSX slides as mining, energy stocks fall on weaker commodities
Markets

TSX slides as mining, energy stocks fall on weaker commodities

  • Toronto Stock Exchange's S&P/TSX composite index was down 80.35 points, or 0.43%, at 18,638.87.
  • The materials sector, which includes precious and base metals miners and fertilizer companies, lost 2.1% as gold futures hit a three-week low of $1,683.9 an ounce.
Published 30 Mar, 2021 09:10pm
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
Mega-ship in Suez Canal moved '80%' in right direction
World

Mega-ship in Suez Canal moved '80%' in right direction

  • The MV Ever Given, longer than four football fields, became wedged diagonally across the canal during a sandstorm last Tuesday, strangling world supply chains.
  • Egypt is losing some $12-14 million in revenue from the canal for each day it is closed, Suez Canal Authority (SCA) chief Osama Rabie said.
Updated 29 Mar, 2021 02:47pm
Suez Canal crisis deepens as efforts to free stranded ship fail
World

Suez Canal crisis deepens as efforts to free stranded ship fail

  • Oussama Rabieh, the head of Egypt's Suez Canal Authority, says the ship must be made lighter as the point where it is blocked is 24 meters deep
  • Some 9,000 tons of water had been removed to lighten the ship and large quantities of sand had been dredged from around it
  • Due to the blockage of the canal, more than 300 other ships are stranded and waiting for the waterway to get cleared
Updated 28 Mar, 2021 04:41pm
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