"suez-canal"

With ships traversing the Red Sea coming under attack, the world’s maritime business sails into choppy waters

BW Lesmes, a Singapore-flagged tanker that carries liquefied natural gas, suffered a mechanical malfunction Tuesday night and ran aground while transiting through the canal, said The Suez Canal authority

A tanker transporting crude oil broke down in a single-lane part of Egypt's Suez Canal on Sunday, disrupting traffic in the global waterway.

The incident took place in the same single-lane stretch of the canal where the Ever Given, a giant cargo ship, ran aground for six days in March 2021, causing disruption to the global trade movement.

The unprecedented shutdown of the Suez Canal cost billions of dollars and brutally exposed the vulnerability of our supply chains

The compensation for the losses and damages "will reach over $1 billion dollars" Xinhua news agency reported citing SCA chairman Osama Rabie as saying.

Helped by the peak of high tide, a flotilla of tugboats managed to wrench the bulbous bow of the skyscraper-sized Ever Given from the canal's sandy bank, where it had been firmly lodged since last Tuesday.

This will clear the canal and allow movement on the busiest waterway in the world. Crude prices fell after rising 4 per cent over the last few days as the blockage was causing $ 9 billion of trade loss every day.

Leth Agencies said early Monday that the modest breakthrough came after intensive efforts to push and pull the ship with 10 tugboats and vacuum up sand with several dredgers at spring tide.

The ship, a vessel named the 'Ever Given', ran aground after strong winds and a sandstorm caused low visibility and poor navigation, the Suez Canal Authority said in a statement.