{"id":561219,"date":"2021-03-30T04:21:11","date_gmt":"2021-03-30T04:21:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/so-long-farewell\/"},"modified":"2021-03-30T04:21:11","modified_gmt":"2021-03-30T04:21:11","slug":"so-long-farewell","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/so-long-farewell\/","title":{"rendered":"So long, farewell"},"content":{"rendered":"

<\/a> At least 113 container ships are traveling in both directions after the Suez Canal <\/strong>reopened to<\/strong> marine traffic yesterday evening<\/strong>, with more ships set to sail as of today 8am, Suez Canal Authority (SCA) boss Osama Rabie said at a presser yesterday (watch, runtime: 32:00<\/a>). Traffic in the Canal resumed yesterday after the MV Ever Given was dislodged following six days of dredging work to create maneuvering space, along with push and tow maneuvers from several tug boats. The ship apparently did not swing back across the Canal yesterday \u2014 engineers simply put the operation on hold temporarily because of strong winds that could have caused damage to the ship, Ezzat Adel, captain of one of the tug boats that refloated the ship told Kelma Akhira\u2019s Lamees El Hadidi (watch, runtime: 4:23<\/a>).<\/p>\n

It\u2019s going to take three or four days to clear the backlog of 422 ships<\/strong> that were stalled at the Canal as they waited for the Ever Given mega-vessel to be dislodged from the Canal\u2019s banks, Rabie said. More than four dozen ships decided to change course to take the long way around the Cape of Good Hope.<\/p>\n

Investigations are now underway to determine the cause of the grounding<\/strong>, after which the Ever Given will finally leave Egypt. Initial reports show that the MV Ever Given, chartered by Taiwan\u2019s Evergreen, became wedged sideways across the Canal after strong winds and a dust storm caused the crew to lose control of the ship as it was en route from China to Rotterdam on Tuesday morning. The investigation will also look at potential human error and will probe the ship\u2019s captain and two pilots who were on board the vessel \u2014 who are meant to act as \u201cconsultants \u2026 to give advice, for instance on how to maneuver the vessel or what course to steer,\u201d the Washington Post<\/a> says. The Suez Canal pilots, who are required to be on board any vessel that passes through, are ultimately not liable for damages to the ship they are assigned to under Egyptian law, the newspaper notes.<\/p>\n

Once the investigation wraps, the SCA will evaluate the necessary compensations for vessels that faced delays<\/strong> while the vital waterway was blocked, Rabie said. The six-day blockage of the Suez Canal has cost Egypt some USD 15 mn in foregone daily revenues, he said. Previous estimates<\/a> put that figure at USD 14 mn per day. Egypt is also entitled to claim damages from the ship owner, former SCA boss Mohab Mamish reminded Ala Mas\u2019ouleety\u2019s Ahmed Moussa (watch, runtime: 16:52<\/a>).<\/p>\n

The good news: Egypt\u2019s balance of payments shouldn\u2019t see \u201csignificant disruption\u201d in the aftermath of the Suez Canal debacle<\/strong>, thanks to Canal receipts faring better than any other cross-border services in the face of previous crises, Moody\u2019s said (pdf)<\/a> in a periodic review of Egypt\u2019s credit rating, which does not involve a rating or outlook update. Suez Canal receipts remained almost stable and slipped by just 0.7% when the pandemic was wreaking havoc on global economies as it hit the world in early 2020. \u201cWe expect that other Suez Canal-reliant exporters, including oil-exporting countries in the Middle East, are unlikely to be affected in the absence of an extended disruption,\u201d Moody\u2019s writes, affirming Egypt\u2019s credit rating at B2 with a stable outlook<\/a>.<\/p>\n

More good news: The resolution of the situation is expected to bolster shipping lines\u2019 confidence in the Canal<\/strong>, particularly as the ship was dislodged and traffic resumed faster than initial forecasts expected, Mamish told El Hekaya\u2019s Amr Adib (watch, runtime: 1:09<\/a>).<\/p>\n

Keep an eye on Russia, which looks to be capitalizing on the Ever Given saga to tout its own <\/strong>Northern Sea route<\/a><\/strong> as an alternative to the Suez Canal, according to Reuters<\/a>. Moscow had said back in 2019 that it plans to make the route viable year-round (rather than only between July and October) by 2030, and that it could cover ins. for commercial shippers taking on risks of possible supply disruptions.<\/p>\n

But don\u2019t expect Egypt to dig a newer New Suez Canal in a bid to remain competitive<\/strong>, since the economic feasibility just isn\u2019t there, Rabie said at yesterday\u2019s presser.<\/p>\n

The internet had its fun while it lasted:<\/strong> While holding up USD 10 bn in global trade, the stuck ship yielded some A-class memes, the Washington Post<\/a> notes.<\/p>\n

The story is still topping coverage of Egypt in the foreign press<\/strong>, with everyone from the Financial Times<\/a> to the Wall Street Journal<\/a> and Bloomberg<\/a> covering the story.<\/p>\n","protected":false},"excerpt":{"rendered":"

At least 113 container ships are traveling in both directions after the Suez Canal reopened to marine traffic yesterday evening, with more ships set to sail as of today 8am, Suez Canal Authority (SCA) boss Osama Rabie said at a presser yesterday (watch, runtime: 32:00). Traffic in the Canal resumed yesterday after the MV Ever […]<\/p>\n","protected":false},"author":1,"featured_media":561220,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8996],"tags":[799,104,72,134,8835,1324,7143,7103,133,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-suez-canal","tag-credit-rating","tag-economy","tag-enterpriseam","tag-ever-given","tag-maritime","tag-moodys","tag-osama-rabie","tag-suez-canal","tag-suez-canal-authority","tag-trade","wpautop","entry"],"acf":{"mongo_id":"dadbd6d3-070d-4c92-a080-62ebf8ceced1","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/354.jpg","photo_position":"above","related_issue":[561211],"teaser":"","voice_url":""},"yoast_head":"\nSo long, farewell - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/so-long-farewell\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"So long, farewell\" \/>\n<meta property=\"og:description\" content=\"At least 113 container ships are traveling in both directions after the Suez Canal reopened to marine traffic yesterday evening, with more ships set to sail as of today 8am, Suez Canal Authority (SCA) boss Osama Rabie said at a presser yesterday (watch, runtime: 32:00). Traffic in the Canal resumed yesterday after the MV Ever […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/so-long-farewell\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-30T04:21:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/354.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/so-long-farewell\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/so-long-farewell\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"So long, farewell\",\"datePublished\":\"2021-03-30T04:21:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/so-long-farewell\/\"},\"wordCount\":747,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/so-long-farewell\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/354.jpg?fit=%2C&ssl=1\",\"keywords\":[\"credit rating\",\"economy\",\"EnterpriseAM\",\"Ever Given\",\"maritime\",\"Moody\u2019s\",\"Osama Rabie\",\"Suez Canal\",\"Suez Canal Authority\",\"trade\"],\"articleSection\":[\"Suez Canal\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/so-long-farewell\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/so-long-farewell\/\",\"name\":\"So long, farewell - 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Shipping activity remains at a standstill at the critical global trade\u2026","rel":"","context":"In "Suez Canal"","block_context":{"text":"Suez Canal","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/310.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565894,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/11\/the-suez-canal-is-back-in-build-mode\/","url_meta":{"origin":561219,"position":2},"title":"The Suez Canal is back in \u201cbuild\u201d mode","author":"enterpriseam admin","date":"11 May 2021","format":false,"excerpt":"The southern stretch of the Suez Canal (yes, the one where the Ever Given got stuck) will see deepening and expansion works, according to Chairman of the Suez Canal Authority (SCA) Osama Rabie (watch, runtime: 5:30). Rabie has presented President Abdel Fattah El Sisi with a plan to widen the\u2026","rel":"","context":"In "SPEED ROUND: INFRASTRUCTURE"","block_context":{"text":"SPEED ROUND: INFRASTRUCTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547738,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/05\/as-suez-canal-sees-record-revenues\/","url_meta":{"origin":561219,"position":3},"title":"\u2026As Suez Canal sees record revenues","author":"enterpriseam admin","date":"5 July 2022","format":false,"excerpt":"Suez Canal revenues jumped 20% to a record USD 7 bn in FY2021-2022, from USD 5.84 bn the previous year, Suez Canal Authority (SCA) head Osama Rabie said yesterday. The increase came on the back of a 16% rise in the number of ships transiting the canal to 22k, and\u2026","rel":"","context":"In "Infrastructure"","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561294,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/01\/and-now-we-investigate\/","url_meta":{"origin":561219,"position":4},"title":"And now, we investigate","author":"enterpriseam admin","date":"1 April 2021","format":false,"excerpt":"The Suez Canal Authority\u2019s (SCA) investigation into the Ever Given\u2019s grounding is now officially underway. Officials from the SCA will board the vessel today to begin their probe into the crew\u2019s actions in the moments leading to the ship running aground in the Suez Canal last week Sayed Sheaysha, a\u2026","rel":"","context":"In "Suez Canal"","block_context":{"text":"Suez Canal","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/11.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561438,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/07\/we-could-be-seeing-expansion-work-done-on-the-suez-canal\/","url_meta":{"origin":561219,"position":5},"title":"We could be seeing expansion work done on the Suez Canal","author":"enterpriseam admin","date":"7 April 2021","format":false,"excerpt":"The Suez Canal Authority (SCA) is considering an expansion of the Southern section of the waterway where MV Ever Given became lodged late last month, SCA chairman Osama Rabie told Reuters. Acquiring new cranes that could vertically offload cargo from up to 52 metres is also on the authority\u2019s radar,\u2026","rel":"","context":"In "Suez Canal"","block_context":{"text":"Suez Canal","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=561219"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561219\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/561211"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/561220"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=561219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=561219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=561219"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=561219"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=561219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}