News

Suez Canal

Kimberly Redmond | Equities.com |

Egypt has impounded the Ever Given — the massive container ship that blocked the Suez Canal and disrupted global shipping for nearly a week last month — amid a financial dispute with its owner, Japanese firm Shoei Kisen KK.

The Associated Press reported Tuesday that Lt. Gen. Osama Rabie, chairman and managing director of the Suez Canal Authority, said the vessel will not be allowed to leave the country until a compensation amount is settled.


AP News | Equities.com |

Experts boarded the massive container ship Tuesday that had blocked Egypt’s vital Suez Canal and disrupted global trade for nearly a week, seeking answers to a single question that could have billions of dollars in legal repercussions: What went wrong?

As convoys of ships again began traveling through the artery linking the Mediterranean and Red Seas, a canal service provider said more than 300 vessels carrying everything from crude oil to cattle were still waiting for their turn in a process that will take days. Egyptian government officials, insurers, shippers and others similarly waited for more details about what caused the skyscraper-sized Ever Given to become wedged across the canal on March 23.


AP News | Equities.com |

Salvage teams on Monday finally freed the colossal container ship stuck for nearly a week in the Suez Canal, ending a crisis that had clogged one of the world’s most vital waterways and halted billions of dollars a day in maritime commerce.

A flotilla of tugboats, helped by the tides, wrenched the bulbous bow of the skyscraper-sized Ever Given from the canal’s sandy bank, where it had been firmly lodged since March 23.


Kimberly Redmond | Equities.com |

Engineers said Monday that they've made a glimmer of progress in "partially refloating" a giant container ship, though it remains stuck sideways in Egypt’s Suez Canal for a seventh day.

The Associated Press cited satellite data from MarineTraffic.com showing that the bow of the Ever Given had been partly moved from shore, though it remained stuck on the eastern bank of the canal.


AP News | Equities.com |

Dredgers, tugboats and even a backhoe failed to free a giant cargo ship wedged in Egypt’s Suez Canal on Thursday. More than 150 vessels are now backed up, with hundreds more headed to the vital waterway, and losses to global shipping are mounting.

The skyscraper-sized Ever Given, carrying cargo between Asia and Europe, ran aground Tuesday in the narrow, man-made canal dividing continental Africa from the Sinai Peninsula. Even helped by high tides, authorities have been unable to push the Panama-flagged container vessel aside, and they are looking for new ideas to free it.