Trends - Suez Canal - Business Recorder

Suez Canal

Oil market rebounds on Suez ship warning

Traders remain on tenterhooks because the canal is one of the most important routes for global trade and crude shipments.

Published 29 Mar, 2021 07:52pm

World

Joy as megaship refloated, Suez Canal traffic resumes

Maritime data company Lloyd's List said the blockage had held up an estimated $9.6 billion worth of cargo each day between Asia and Europe.

Published 29 Mar, 2021 07:16pm

Markets

Oil prices ease after Suez Canal traffic resumes

Crude prices had tumbled earlier after the ship was partially freed, but rebounded quickly afterwards when salvage experts said the hardest work was ahead.

Updated 30 Mar, 2021 03:25am

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

Markets

Asian markets mixed as rally fizzles, oil hit by Suez ship news

Wall Street's three main indexes finished Friday on a strong note, with the Dow and S&P 500 ending at all-time highs.

Published 29 Mar, 2021 05:35pm

World

Egypt's Sisi hails 'success' of Suez ship rescue

Sisi said that "Egyptians have proved today that they are still up to the task".

Published 29 Mar, 2021 05:05pm

World

No 'piece of cake' to free Suez ship: salvage firm

Berdowski said the ship was still a "huge whale lying there on the beach that you really have to slide off".

Published 29 Mar, 2021 04:50pm

Markets

Oil falls on hopes that Suez Canal blockage might end soon

The market is getting some support from expectations that the Organization of the Petroleum Exporting Countries and its allies will maintain lower output levels when they meet this week.

Published 29 Mar, 2021 02:08pm

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

Markets

Asia shares edge higher, oil slips as Suez Canal ship re-floated

Oil prices eased as markets assumed the re-floating of the Ever Given would allow tankers to use the waterway again. There were over 300 vessels waiting to pass through the shipping route which accounts for 12% of global trade.

Published 29 Mar, 2021 11:56am

Markets

Asia shares edge higher, oil slips as Suez Canal ship re-floated

Oil prices eased as markets assumed the re-floating of the Ever Given would allow tankers to use the waterway again. There were over 300 vessels waiting to pass through the shipping route which accounts for 12% of global trade.

Published 29 Mar, 2021 11:56am

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

Markets

Oil slumps as Suez Canal container ship starts to move

That market volatility is set to continue, said Jeffrey Halley, senior market analyst at OANDA.

Published 29 Mar, 2021 11:20am

Markets

Australia shares inch higher as Suez Canal blockage lifts commodities

Treasury Wine Estates slumped 3.8% after the company said it would face steep anti-dumping tariffs for its Australian wine exports to China.

Published 29 Mar, 2021 10:50am

World

Stranded Suez Canal ship re-floated, undergoing checks: sources

The 400-metre (430-yard) long Ever Given has been straightened in the canal and will undergo initial inspections before being moved, two sources said.

Updated 30 Mar, 2021 03:27am

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

Markets

Major Gulf markets gain as Suez Canal jam continues

DUBAI: Major stock markets in the Gulf ended higher on Sunday, as investors shrugged off the Suez Canal jam on hopes...

Published 29 Mar, 2021 06:05am

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

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

World

Attempt to refloat ship blocking Suez Canal was unsuccessful: ship's technical manager

Initial investigations suggest the vessel was grounded because of strong wind and rule out any mechanical or engine failure as the ship was transiting the canal on Tuesday with two canal pilots on board, BSM said.

Published 27 Mar, 2021 10:05am

Markets

Suez blockage boosts copper prices

LONDON: Copper prices rose on Friday as the market worried about the cost repercussions for transporting industrial...

Published 27 Mar, 2021 05:41am

Markets

Asia naphtha crack jumps to 2-week high on supply concerns

SINGAPORE: Asia’s naphtha crack climbed to a near two-week high on Friday

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

Business & Finance

Race to dislodge Suez blockage as shipping rates surge, tankers diverted away

More than 30 oil tankers wait to traverse canal –Refinitiv.
Bigger impact on oil products markets –analysts.
Several LNG tankers diverted –shipbroker.
Ship owner denies aims to free vessel by Saturday night.

Published 26 Mar, 2021 05:48pm

World

Ship stuck in the Suez Canal unleashes flood of Internet jokes

A giant ship has blocked the famous Suez Canal but opened up a torrent of memes and gifs lampooning the hapless container carrier, which has been jammed in the waterway since Tuesday.
Elements of global commerce have been brought to a standstill, but no one was hurt, and the environment is so far undamaged. The lack of stakes surrounding the Ever Given’s grounding has made it a prime target for jokes.

Published 26 Mar, 2021 03:05pm

World

Suspension of Suez Canal traffic deepens global container crunch

In the latest challenge, more than 30 container ships are unable to sail after the 400-metre (430-yard) Ever Given boxship ran aground in the Suez Canal, blocking transit, the sources said.

Published 26 Mar, 2021 02:28pm

Gainers
Losers
Leaders

Stock	Price
P.I.A.C.(A) / Sep 25 Pakistan International Airlines Corp(PIAA)	5.38 ▲ 1.00 (22.83%)
Pak. P.V.C. / Sep 25 Pakistan PVC Limited(PPVC)	5.65 ▲ 1.00 (21.51%)
Roshan Packages / Sep 25 Roshan Packages Limited(RPL)	11.19 ▲ 1.00 (9.81%)
Pak Elektron / Sep 25 Pak Elektron Limited(PAEL)	10.66 ▲ 0.91 (9.33%)
Bank of Khyber / Sep 25 The Bank of Khyber(BOK)	11.35 ▲ 0.94 (9.03%)
Hala Enterprise / Sep 25 Hala Enterprises Limited(HAEL)	6.70 ▲ 0.51 (8.24%)
Thatta Cement / Sep 25 Thatta Cement Company Limited(THCCL)	13.87 ▲ 1.00 (7.77%)
Gammon Pak / Sep 25 Gammon Pakistan Limited(GAMON)	7 ▲ 0.50 (7.69%)
Pak Paper Prod / Sep 25 Pakistan Paper Products Limited(PPP)	50.55 ▲ 3.53 (7.51%)
Feroze 1888 / Sep 25 Feroze1888 Mills Limited(FML)	90.57 ▲ 6.32 (7.50%)

Stock	Price
Premier Insurance / Sep 25 Premier Insurance Limited(PINL)	6.15 ▼ -0.85 (-12.14%)
Pervez Ahmed Co / Sep 25 Pervez Ahmed Consultancy Services Ltd.(PASL)	0.63 ▼ -0.06 (-8.70%)
Gadoon Textile / Sep 25 Gadoon Textile Mills Limited(GADT)	203.50 ▼ -16.50 (-7.50%)
Ellcot Spinning / Sep 25 Ellcot Spinning Mills Limited(ELSM)	96.25 ▼ -7.75 (-7.45%)
Dadex Eternit / Sep 25 Dadex Eternit Limited(DADX)	34.01 ▼ -2.40 (-6.59%)
HI-Tech Lub. / Sep 25 Hi-Tech Lubricants Limited(HTL)	22.35 ▼ -1.55 (-6.49%)
IbrahimFibres / Sep 25 Ibrahim Fibres Limited(IBFL)	250 ▼ -16.56 (-6.21%)
Jahangir Sidd(Pref) / Sep 25 Jahangir Sidd(Pref)(JSCLPSA)	7.05 ▼ -0.45 (-6.00%)
JDW Sugar / Sep 25 JDW Sugar Mills Limited(JDWS)	330 ▼ -20.00 (-5.71%)
Ist.Capital Sec / Sep 25 First Capital Securities Corporation(FCSC)	0.92 ▼ -0.05 (-5.15%)

Stock	Volume
P.I.A.C.(A) / Sep 25 Pakistan International Airlines Corp(PIAA)	29,555,500 ▲ 1.00
Pak Elektron / Sep 25 Pak Elektron Limited(PAEL)	19,595,093 ▲ 0.91
Cnergyico PK / Sep 25 Cnergyico PK Limited(CNERGY)	10,563,972 ▼ -0.01
WorldCall Telecom / Sep 25 Worldcall Telecom Limited(WTL)	10,059,097 ▲ 0.01
Unity Foods Ltd / Sep 25 Unity Foods Limited(UNITY)	8,137,436 ▲ 0.44
Hub Power Co. / Sep 25 The Hub Power Company Limited(HUBC)	7,480,117 ▲ 0.23
K-Electric Ltd. / Sep 25 K-Electric Limited(KEL)	7,220,289 ▲ 0.03
Dewan Motors / Sep 25 Dewan Farooque Motors Limited(DFML)	6,909,431 ▼ -0.15
Pak Petroleum / Sep 25 Pakistan Petroleum Limited(PPL)	6,762,444 ▲ 0.17
Maple Leaf Cement / Sep 25 Maple Leaf Cement Factory Limited(MLCF)	6,752,226 ▲ 0.45

Markets →

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Sep 25	291.20
USD PKR Interbank Buying / Sep 25	290.80
USD to Japanese Yen / Sep 25	148.36
USD to Swiss Franc / Sep 25	0.91
Pound Sterling to USD / Sep 25	1.22
Euro to USD / Sep 25	1.06
UK LIBOR % / Sep 22	5.43

Stock	Volume
S&P 500 / Sep 22	4320.06
Nasdaq / Sep 22	13211.81
Dow Jones / Sep 22	33963.84
India Sensex / Sep 25	65943.29
Tokyo Nikkei / Sep 25	32678.62
Hang Seng / Sep 25	17745.62
FTSE 100 / Sep 25	7672.91
Germany DAX 30 / Sep 25	15535.81
France CAC40 / Sep 25	7179.27

Item	Value
Karachi Cotton PKR/37.32 KG / Sep 22	19035
Gold 10 Grams PKR / Sep 22	185020
Crude Oil USD/Barrel / Sep 25	90.44
Gold Spot USD/Ounce / Sep 25	1922.68
Cotton US¢/pound / Sep 25	86.10

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Suez Canal

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