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Egypt battles to refloat ship blocking Suez Canal as queues build

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Photo: AFP, Planet Labs

Egyptian tug boats worked Thursday to free a giant container vessel stuck in the Suez Canal that threatens to disrupt one of the world's busiest maritime trade routes for days.  The Suez Canal Authority (SCA) said it was trying to refloat the Taiwan-run, Panama-flagged MV Ever Given, a 400-metre long vessel that veered off course and ran aground in a sandstorm on Tuesday. Satellite pictures released by Planet Labs Inc show the 59-metre wide container ship wedged diagonally across the entire canal. "We've never seen anything like it before," said Ranjith Raja, Middle East oil and shipping researcher at international financial data firm Refinitiv. "It is likely that the congestion... will take several days or weeks to sort out as it will have a knock-on effect on other convoys." The blockage has already hit world oil markets. Crude futures surged 6% on Wednesday as traders assessed the likely impact on deliveries. Broker Braemar warned that if tug boats are unable to move the giant vessel, some of its cargo might have to be removed by crane barge to refloat it.  "This can take days, maybe weeks," it said. The vessel's managers, Singapore-based Bernhard Schulte Shipmanagement...


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