The MV Ever Given, longer than four football fields, has been wedged diagonally across the canal since Tuesday, strangling world supply chains and costing the global economy billions.

Suez Canal Authority (SCA) chief Osama Rabie said Monday that rescue efforts with tugs had succeeded in shifting the front and back of the ship.

Stranded Suez Canal ship re-floated, marine services firm says

Mar 28, 2021

At least 369 vessels were waiting to transit the canal, including dozens of container ships, bulk carriers, oil tankers, and liquefied natural gas (LNG) or liquefied petroleum gas (LPG) vessels, SCA Chairman Osama Rabie told Egypt’s Extra News on Sunday. The ship’s technical manager Bernhard Schulte Shipmanagement (BSM) did not immediately respond to a request to comment.

Shipping rates for oil product tankers nearly doubled after the ship became stranded, and the blockage has disrupted global supply chains, threatening costly delays for companies already dealing with COVID-19 restrictions. Some shippers had decided to reroute their cargoes around the Cape of Good Hope, adding about two weeks to journeys and extra fuel costs.

Green Climate Fund chief urges reopening of U.S. finance tap

Mar 27, 2021

Glemarec told the Thomson Reuters Foundation from his base in South Korea that the fund had allocated a record amount at its board meeting last week.

It approved $1.2 billion for 15 new climate projects – from a private equity fund for green energy and transport in India to help for farmers in Micronesia to keep their food crops safe from extreme weather and rising seas. The board also green-lighted projects aimed at reducing emissions from forests in the Republic of Congo and protecting Cuba’s coastal ecosystems.

Suez Canal blockage could cost $6 bln to $10 bln in lost trade -Allianz

Mar 27, 2021

The study by Europe’s biggest insurer also found that each week of immobilisation shaves some 0.2 to 0.4 percentage points off annual trade growth.

“The problem is that the Suez Canal blockage is the straw that breaks global trade’s back,” the study’s authors wrote.

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