Suez canal Traffic Block

Suez Canal Finally Reopens After Giant Stranded Ship Freed

  • The extensive backlog caused after the Ever Given shipping container got stuck in the Suez Canal is set to finally come to an end.
  • SCA officials said the last ships that were stranded after the massive vessel would pass through today.
  • Osama Rabie, the chairman of the SCA, said 85 ships that were delayed due to the crisis were set to pass through the canal on both sides.

The backlog of ships stranded by the grounding of the Ever Given has been cleared, with 422 vessels passing through the Suez...

https://mfame.guru/suez-canal-finally-reopens-after-giant-stranded-ship-freed/

Egypt To Seek $1bn Compensation for Suez Canal Crisis

  • Egypt said it may seek around $1 billion in compensation after the giant container vessel blocked the Suez Canal for almost a week and roiled shipping markets.
  • The $1bn figure would compensate for losses associated with transit fees, damage to the waterway during the dredging and salvage efforts, and the cost of equipment and labour.

Egypt could be lining up a $1bn claim in damages after the 20,388 teu Ever Given giant container vessel caused a headline grabbing traffic jam in the Suez Canal...

https://mfame.guru/egypt-to-seek-1bn-compensation-for-suez-canal-crisis/

Suez Canal Block To Cause ‘Large Loss’ for Lloyd’s of London

The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, reports Claims Journal.

Trade block

The Ever Given container ship blocked the crucial trade route for nearly a week before it was successfully refloated on Monday. More than 400 vessels had been forced to wait on either side of the canal during the blockage.

Lloyd’s chairman Bruce Carnegie-Brown told Reuters the crisis could mean a loss for Lloyd’s of around $100...

https://mfame.guru/suez-canal-block-to-cause-large-loss-for-lloyds-of-london/

[Watch] Suez Canal Cargo Ship Rescue Effort Restarts



The owner of the massive container ship that is blocking the Suez Canal has apologised for the disruption it has caused, reports Independent.co.uk.

Some 150 ships are now queueing to pass through the vital waterway, which carries about one-tenth of the world’s trade.

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https://mfame.guru/watch-suez-canal-cargo-ship-rescue-effort-restarts/

Oil Price Rebounds On Suez Canal Blockage

Oil climbed as investors assessed the impact on global crude flows after a ship ran aground and blocked the Suez Canal, following a sell-off on Tuesday, reports Yahoo Finance.

Markets reprieve 

Crude was also bolstered by positive economic data as Europe posted a record increase in factory output. 

Futures in New York added as much as 3.4% after a ship ran aground, giving the market a reprieve after prices sank to the lowest level since early February. 

For more information read our article Mega...

https://mfame.guru/oil-price-rebounds-on-suez-canal-blockage/