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Topic

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

Updated 14 Apr, 2021 10:53am
  • 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
Suez Canal shipping backlog ends, days after giant vessel freed

Suez Canal shipping backlog ends, days after giant vessel freed

Published 03 Apr, 2021 06:24pm
  • 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.
Port congestion eases at PICT

Port congestion eases at PICT

Updated 02 Apr, 2021 09:06am
KARACHI: Pakistan Customs and PICT have resolved congestion issues at PICT through dedicated efforts and round the...
TSX slides as mining, energy stocks fall on weaker commodities

TSX slides as mining, energy stocks fall on weaker commodities

Published 30 Mar, 2021 09:10pm
  • 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.
Suez Canal races to clear backlog as shipping convoys resume

Suez Canal races to clear backlog as shipping convoys resume

Published 30 Mar, 2021 06:29pm
  • 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.
Traffic in Suez Canal resumes after stranded ship refloated

Traffic in Suez Canal resumes after stranded ship refloated

Published 29 Mar, 2021 08:35pm
  • Shipping traffic in canal resumes after container ship freed.
  • At least 369 vessels waiting to transit.
  • Dredging and excavation work continued over the weekend.
  • Key waterway between Europe and Asia blocked since Tuesday.
Shares hold up as economic optimism offsets Archegos fallout

Shares hold up as economic optimism offsets Archegos fallout

Published 29 Mar, 2021 05:59pm
  • World shares rise slightly, US futures off lows.
  • Nomura, Credit Suisse warn on losses after Archegos share sale.
  • Markets hopeful ahead of Biden infrastructure plan.
  • Oil prices turn positive ahead of OPEC+ meeting.
Mega-ship in Suez Canal moved '80%' in right direction

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

Updated 29 Mar, 2021 02:47pm
  • 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.
Between weak demand and tight supply

Between weak demand and tight supply

Published 29 Mar, 2021 07:40am
Oil is a sensitive commodity; only the fear or anticipation of something moves the needle up or down the prices. The...
Suez Canal crisis deepens as efforts to free stranded ship fail

Suez Canal crisis deepens as efforts to free stranded ship fail

Updated 28 Mar, 2021 04:41pm
  • 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
Syria says rationing fuel as shipments delayed by Suez canal blockage

Syria says rationing fuel as shipments delayed by Suez canal blockage

Published 27 Mar, 2021 05:54pm
  • "As we wait for the normal movement of ships across the Suez Canal, which could be an unknown period of time, and to assure basic services continue for Syrians... the ministry is currently rationing some oil products," an oil ministry statement said.
Suez ship congestion could delay LNG deliveries to Europe

Suez ship congestion could delay LNG deliveries to Europe

Published 26 Mar, 2021 09:46pm
  • 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.
Oil jumps 4pc on fears Suez Canal blockage may last weeks

Oil jumps 4pc on fears Suez Canal blockage may last weeks

Published 26 Mar, 2021 09:37pm
  • Brent, WTI set for 3rd weekly loss.
  • Ship blocking Suez may take weeks to free-salvage firm.
  • Shipping rates rise, oil and gas tankers diverted.
  • UAE's ADNOC deepens supply cuts to Asia in June –sources.
Suez Canal blockage could cost $6bn to $10bn in lost trade

Suez Canal blockage could cost $6bn to $10bn in lost trade

Published 26 Mar, 2021 07:15pm
  • "The problem is that the Suez Canal blockage is the straw that breaks global trade's back," the study's authors wrote.
  • "First, suppliers' delivery times have lengthened since the start of the year and are now longer in Europe than during the peak of the COVID-19 pandemic."
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