Trends - Suez Canal blockage - Business Recorder

Suez Canal blockage

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

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

Pakistan

Port congestion eases at PICT

KARACHI: Pakistan Customs and PICT have resolved congestion issues at PICT through dedicated efforts and round the...

Updated 02 Apr, 2021 09:06am

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

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

Business & Finance

Traffic in Suez Canal resumes after stranded ship refloated

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.

Published 29 Mar, 2021 08:35pm

Markets

Euro zone yields rise but surging COVID-19 cases fuel caution

German yields inch higher after strong week.
Investors eye rising COVID-19 cases, inflation data.

Published 29 Mar, 2021 06:47pm

Markets

Oil rises on hopes for stable OPEC+ output, fears of long disruption at Suez Canal

Brent oil rose 58 cents, or 0.9%, to $65.15 a barrel.
Both contracts had fallen more than $1 earlier in the session.
The huge container ship blocking Egypt's Suez Canal for nearly a week has been partially refloated, the Suez Canal Authority (SCA) said.

Published 29 Mar, 2021 06:13pm

Markets

Shares hold up as economic optimism offsets Archegos fallout

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.

Published 29 Mar, 2021 05:59pm

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

Business & Finance

Ongoing Suez Canal blockage to add pressure on global supply chains

The Evergreen Marine, a 1300f long Japanese vessel was stranded in the Suez Canal, a major trade route connecting Asia and Europe, on Tuesday, disrupting several ships on the Suez Canal, alongside disrupting international trade.

Published 29 Mar, 2021 11:36am

BR Research

Between weak demand and tight supply

Oil is a sensitive commodity; only the fear or anticipation of something moves the needle up or down the prices. The...

Published 29 Mar, 2021 07:40am

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

World

Egypt's canal chief says human error could be behind ship's grounding

SUEZ, (Egypt): Egypt's Suez Canal chief said Saturday that "technical or human errors" could be behind the grounding...

Updated 28 Mar, 2021 05:30pm

World

Ship stranded in Suez Canal has moved but unclear when it will be freed

SCA Chairman Osama Rabie said he hoped it would not be necessary to resort to removing containers from the ship to lighten its load, but that strong tides and winds were complicating efforts to free it.

Published 27 Mar, 2021 08:38pm

World

Salvager hopes to free ship blocking Suez Canal by start of next week

Giant container ship stranded since Tuesday.
Dredgers and tug boats deployed to dislodge it.
Blockage disrupting global shipping, supply chains.

Published 27 Mar, 2021 05:56pm

World

Syria says rationing fuel as shipments delayed by Suez canal blockage

"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.

Published 27 Mar, 2021 05:54pm

Business & Finance

Attempts to refloat ship in Suez Canal to resume shortly

If that attempt is unsuccessful, another effort will be made on Sunday morning, the sources said. To refloat the ship, it could be necessary to remove further sand from around it, they added.

Updated 27 Mar, 2021 05:39pm

Business & Finance

Suez Canal blockage: Stranded Japanese ship likely to be freed soon

The Japanese ship was stranded in the Suez Canal, a major trade route connecting Asia and Europe, on Tuesday, disrupting several ships on the Suez Canal, also disrupting international trade and sending several companies back to Africa.

Updated 27 Mar, 2021 02:16pm

Markets

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

• Shipping rates rise, oil and gas tankers diverted

Published 27 Mar, 2021 05:41am

Global supply chains scrambled: Suez Canal blockage could cost global trade $10bn a week

CAIRO: The Suez Canal stepped up efforts on Friday to free a stuck mega vessel, after an earlier attempt failed to...

Published 27 Mar, 2021 05:41am

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

Markets

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

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.

Published 26 Mar, 2021 09:37pm

Business & Finance

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

"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."

Published 26 Mar, 2021 07:15pm

Markets

Oil prices drop as demand concerns outweigh Suez disruption

Suez Canal suspends traffic, efforts to dislodge ship continue.
Prices fall as demand concerns dominate.
Big gains unlikely until OPEC meeting on April 1 – analyst.

Published 25 Mar, 2021 08:22pm

Markets

Asia's iron ore futures rise for third day on demand pickup, supply worries

However, Lee said any price upside for iron ore appears limited for now.

Published 25 Mar, 2021 01:07pm

Gainers
Losers
Leaders

Stock	Price
Chakwal Spinning / Mar 30 Chakwal Spinning Mills Limited(CWSM)	1.36 ▲ 0.20 (17.24%)
First IBL Mod. / Mar 30 First IBL Modaraba(FIBLM)	5.90 ▲ 0.60 (11.32%)
First Pak Mod. / Mar 30 First Pak Modaraba(PAKMI)	1.34 ▲ 0.13 (10.74%)
Dewan Sugar / Mar 30 Dewan Sugar Mills Limited(DWSM)	2.57 ▲ 0.23 (9.83%)
Unicap Modaraba / Mar 30 Unicap Modaraba(UCAPM)	1.77 ▲ 0.15 (9.26%)
Premier Insurance / Mar 30 Premier Insurance Limited(PINL)	7.50 ▲ 0.63 (9.17%)
B.R.R.Guardian / Mar 30 B.R.R. Guardian Modaraba(BRR)	12.04 ▲ 0.99 (8.96%)
Ismail Ind. / Mar 30 Ismail Industries Limited(ISIL)	518.26 ▲ 36.15 (7.50%)
Khyber Tex. / Mar 30 Khyber Textile Mills Limited(KHYT)	397.42 ▲ 27.72 (7.50%)
Suraj Cotton / Mar 30 Suraj Cotton Mills Limited(SURC)	102.53 ▲ 7.15 (7.50%)

Stock	Price
First Prudential Mod. / Mar 30 First Prudential Modaraba(PMI)	1.40 ▼ -0.24 (-14.63%)
Trust Mod. / Mar 30 Trust Modaraba(TRSM)	1.30 ▼ -0.20 (-13.33%)
Sapphire Fibres / Mar 30 Sapphire Fibres Limited(SFL)	1018 ▼ -82.00 (-7.45%)
Sardar Chemical / Mar 30 Sardar Chemical Industries Limited(SARC)	32 ▼ -2.55 (-7.38%)
Gadoon Textile / Mar 30 Gadoon Textile Mills Limited(GADT)	192.50 ▼ -15.30 (-7.36%)
Philip Morris Pak. / Mar 30 Philip Morris (Pakistan) Limited(PMPK)	461 ▼ -36.43 (-7.32%)
Pakistan Services / Mar 30 Pakistan Services Limited(PSEL)	876 ▼ -69.10 (-7.31%)
Shield Corp. / Mar 30 Shield Corporation Limited(SCL)	282 ▼ -22.00 (-7.24%)
Bal. Wheel / Mar 30 Baluchistan Wheels Limited(BWHL)	68.42 ▼ -5.18 (-7.04%)
JDW Sugar / Mar 30 JDW Sugar Mills Limited(JDWS)	356 ▼ -26.79 (-7.00%)

Stock	Volume
Telecard Limited / Mar 30 Telecard Limited(TELE)	12,447,500 ▼ -0.21
WorldCall Telecom / Mar 30 Worldcall Telecom Limited(WTL)	9,398,662 ▲ 0.01
Pakistan Alumin / Mar 30 Pakistan Aluminium Beverage Cans Limited(PABC)	7,638,000 ▲ 0.23
Pak Elektron / Mar 30 Pak Elektron Limited(PAEL)	6,136,500 ▼ -0.05
Pak Int.Bulk / Mar 30 Pakistan International Bulk Terminal(PIBTL)	6,018,500 ▲ 0.08
Engro Corp / Mar 30 Engro Corporation Limited(ENGRO)	5,429,492 ▼ -0.02
Nishat Mills Ltd / Mar 30 Nishat Mills Limited(NML)	4,517,879 ▲ 0.46
Shifa Int.Hosp / Mar 30 Shifa International Hospitals Limited(SHFA)	4,299,000 ▼ -1.99
Agha Steel Ind. / Mar 30 Agha Steel Ind.Ltd(AGHA)	3,645,000 ▲ 0.36
K-Electric Ltd. / Mar 30 K-Electric Limited(KEL)	3,416,092 ▲ 0.00

Markets →

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Mar 30	285.65
USD PKR Interbank Buying / Mar 30	283.65
USD to Japanese Yen / Mar 30	132.47
USD to Swiss Franc / Mar 30	0.92
Pound Sterling to USD / Mar 30	1.23
Euro to USD / Mar 30	1.08
UK LIBOR % / Mar 29	4.81

Stock	Volume
S&P 500 / Mar 29	4027.81
India Sensex / Mar 29	57960.09
Nasdaq / Mar 29	11926.24
Dow Jones / Mar 29	32717.60
Tokyo Nikkei / Mar 30	27782.93
Hang Seng / Mar 30	20309.13
FTSE 100 / Mar 30	7578.80
Germany DAX 30 / Mar 30	15430.39
France CAC40 / Mar 30	7235.99

Item	Value
Karachi Cotton PKR/37.32 KG / Mar 29	18935
Gold 10 Grams PKR / Mar 29	176268
Crude Oil USD/Barrel / Mar 30	72.81
Gold Spot USD/Ounce / Mar 30	1963.79
Cotton US¢/pound / Mar 30	82.34

Suez Canal blockage

Most Popular Articles