{"id":565181,"date":"2021-03-24T13:49:10","date_gmt":"2021-03-24T13:49:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/24\/the-great-suez-traffic-jam-continues\/"},"modified":"2021-03-24T13:49:10","modified_gmt":"2021-03-24T13:49:10","slug":"the-great-suez-traffic-jam-continues","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/24\/the-great-suez-traffic-jam-continues\/","title":{"rendered":"The great Suez traffic jam continues"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>All eyes are on Egypt as a maritime traffic jam at the Suez Canal sees at least <\/strong><strong>100 vessels <\/strong><strong>stranded in the Red Sea and the Mediterranean \u2014 <\/strong>raising global concerns that this might impact global shipping, supply chains, and oil prices. Authorities are racing against the clock to refloat the 224k-tonne, 400-meter-long container ship chartered by Taiwan\u2019s Evergreen, which ran aground and blocked the waterway. Eight tug boats have been working to tow the MV Ever Given from the bank, the Suez Canal Authority <a href=\"https:\/\/www.suezcanal.gov.eg\/Arabic\/MediaCenter\/News\/Pages\/sca_24-03-2021.aspx\">said this morning<\/a>. As of dispatch time, the authority hadn\u2019t confirmed that the vessel had been partially refloated.<\/p>\n<p><strong>What happened? <\/strong>The mega vessel was en route from China to Rotterdam when high winds and a dust storm at 7:40 am CLT Tuesday left the crew unable to steer the ship several kilometers near the Suez Port, hitting the canal\u2019s embankment. Some 42 other vessels travelling northbound to Europe, either as part of Ever Given\u2019s convoy or arriving in transit, are waiting to head back to sea. As many as 64 other southbound ships have also been affected, transit service provider Leth Agencies told its clients, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-24\/suez-canal-blockage-closer-to-resolution-on-efforts-to-move-ship?srnd=premium-middle-east&sref=mmeFTDW1\">according to<\/a><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-24\/suez-canal-blockage-closer-to-resolution-on-efforts-to-move-ship?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>.<\/p>\n<p><strong>Some traffic in the Suez Canal could resume later today or tomorrow<\/strong>, Ahmed Mekawy, deputy head of Gulf Agency Company\u2019s (GAC) canal operations said, according to Bloomberg. The Ever Given is expected to be fully cleared to continue sailing northbound shortly, but it remains stuck, Mekawy said following <a href=\"https:\/\/www.gac.com\/news--media\/hot-port-news\/efforts-to-refloat-grounded-vessel\/\">a statement by transit service provider GAC<\/a> that had inaccurately suggested the ship was partially refloated.<\/p>\n<p><strong>It might be possible for authorities to divert traffic through the old canal, <\/strong>the canal authority said. Two senior Egyptian officials told the newswire that this could clear up some congestion, but both Reuters and Bloomberg suggest the vessel is blocking the accessway to the original body of the canal.<\/p>\n<p><strong>The vessel\u2019s grounding led to growing worries that the canal could be clogged for days, <\/strong>with <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-24\/ship-stuck-in-suez-canal-risks-blocking-key-trade-route-for-days?sref=mmeFTDW1\">Bloomberg<\/a> quoting sources this afternoon saying early attempts to pull the vessel out were unsuccessful due to the size of the ship and the small towing boats used by the authority. Its sources suggested larger towing boats with more power might be required to steer the vessel off the embankment and that the owner of the ship has contacted towing firm <a href=\"https:\/\/www.smit.com\/\">SMIT Salvage<\/a> to help in operations.<\/p>\n<p><strong>The global impact:<\/strong> Asia-Europe trade flows could be severely impacted if this lasts, causing serious delays should vessels be forced to use the alternative route rounding the Cape of Good Hope, which is a week slower, <a href=\"https:\/\/www.reuters.com\/article\/idUSKBN2BG0BG\">Reuters<\/a> quoted Liner Research consultant Tan Hua Joo as saying. Some 12% of world trade volume passes through the vital Suez Canal, including some 30% of the world\u2019s container ship capacity, the newswire noted, citing Liner Research and other official figures. The most common cargo carried through the canal are crude, refined energy products and consumer goods, <a href=\"https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/shipping\/032421-stuck-suez-canal-container-ship-disrupts-global-commodities-trade-sources?utm_source=social&utm_campaign=topstories&utm_medium=organic_twitter&utm_content=plattsweb\">S&P Global<\/a> said.<\/p>\n<p><strong>We might also see port congestion in Europe: <\/strong>Delayed cargo could start pouring into EU ports when the canal reopens as it would arrive at the same time as cargo sailing behind it, SeaIntelligence Consulting chief executive Lars Jensen said.<\/p>\n<p><strong>Oil is particularly sensitive to slightest shipping disruption: <\/strong>Some 66% of oil sent from the GCC to western countries is shipped through the Suez Canal or the Sumed pipeline linking Alexandria to the Red Sea, Suez Canal Authority boss Osama Rabie said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/64991da9-28f7-4e47-96f0-b9c893c2252b\">last month<\/a>. \u201cThe inability of oil to transit a major chokepoint, even temporarily, can lead to substantial supply delays and higher shipping costs, resulting in higher world energy prices,\u201d the US Energy Information Administration (EIA), meanwhile, noted in <a href=\"https:\/\/www.eia.gov\/todayinenergy\/detail.php?id=32352\">a 2017 note<\/a>. Closure in the canal or the pipeline would mean oil tankers would add some 2.7k miles to transit between Saudi and the US using the Cape route, the EIA estimates.<\/p>\n<p><strong>But oil markets have held steady on expectations the blockage will be cleared soon. <\/strong>Oil futures in New York were trading <a href=\"https:\/\/finance.yahoo.com\/news\/oil-extends-losses-rising-u-234416011.html\">2.5% higher<\/a> just before dispatch after having earlier climbed 3.2%.<\/p>\n<p><strong>Everyone and their mother is talking about Egypt this morning: <\/strong><a href=\"https:\/\/apnews.com\/article\/dubai-united-arab-emirates-egypt-suez-canal-africa-5957543bb555ab31c14d56ad09f98810#:~:text=DUBAI%2C%20United%20Arab%20Emirates%20(AP,to%20satellite%20data%20accessed%20Wednesday.&text=Several%20tug%20boats%20surrounded%20the,right%20way%2C%20the%20data%20showed.\">Associated Press<\/a> | <a href=\"https:\/\/www.ft.com\/content\/eec9f3a6-2817-45f5-b007-a290f3e530c6\">FT<\/a> <a href=\"https:\/\/www.wsj.com\/articles\/the-suez-canal-is-blocked-by-a-giant-container-ship-11616560437?mod=hp_lead_pos2\">WSJ<\/a> | <a href=\"https:\/\/www.nytimes.com\/2021\/03\/24\/world\/middleeast\/suez-canal-blocked-ship.html?searchResultPosition=1\">NYT<\/a> | <a href=\"https:\/\/www.bbc.com\/news\/world-middle-east-56505413\">BBC<\/a> | <a href=\"https:\/\/www.cnbc.com\/2021\/03\/24\/container-ship-runs-aground-in-suez-canal-causing-traffic-jam.html\">CNBC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>All eyes are on Egypt as a maritime traffic jam at the Suez Canal sees at least 100 vessels stranded in the Red Sea and the Mediterranean \u2014 raising global concerns that this might impact global shipping, supply chains, and oil prices. Authorities are racing against the clock to refloat the 224k-tonne, 400-meter-long container ship [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":565182,"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":[10111],"tags":[633,7103],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-suez-canal","tag-enterprisepm","tag-suez-canal","wpautop","entry"],"acf":{"mongo_id":"dad83eac-4ca8-4b3a-8dd1-8ca1f3d8e2f4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/538.jpg","photo_position":"above","related_issue":[565177],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The great Suez traffic jam continues - 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\/24\/the-great-suez-traffic-jam-continues\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The great Suez traffic jam continues\" \/>\n<meta property=\"og:description\" content=\"All eyes are on Egypt as a maritime traffic jam at the Suez Canal sees at least 100 vessels stranded in the Red Sea and the Mediterranean \u2014 raising global concerns that this might impact global shipping, supply chains, and oil prices. 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Rabie has presented President Abdel Fattah El Sisi with a plan to widen the\u2026","rel":"","context":"In &quot;SPEED ROUND: INFRASTRUCTURE&quot;","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":562390,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/23\/suez-receipts-rise-in-april-following-ever-given-debacle\/","url_meta":{"origin":565181,"position":1},"title":"Suez receipts rise in April following Ever Given debacle","author":"enterpriseam admin","date":"23 May 2021","format":false,"excerpt":"Suez Canal revenues rose almost 16% y-o-y in April, coming in at USD 551.5 mn from the USD 476.2 mn recorded during the same month last year, the Suez Canal Authority said in a statement Thursday. The number of ships passing through the Canal also rose by some 4.8% to\u2026","rel":"","context":"In &quot;Suez Canal&quot;","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\/5\/189.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571886,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/03\/net-tonnage-at-egypts-suez-canal-falls-vessel-numbers-unchanged-in-may\/","url_meta":{"origin":565181,"position":2},"title":"Net tonnage at Egypt's Suez Canal falls, vessel numbers unchanged in May","author":"enterpriseam admin","date":"3 June 2020","format":false,"excerpt":"Suez Canal net tonnage falls, vessel numbers unchanged in May: Cargo shipped through the Suez Canal fell by nearly 10% y-o-y in May (to 94.8 tonnes from 104.9 tonnes in May 2019) as global trade tanked due to the covid-19 pandemic, Suez Canal Authority head Osama Rabie said. Despite the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561219,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/so-long-farewell\/","url_meta":{"origin":565181,"position":3},"title":"So long, farewell","author":"enterpriseam admin","date":"30 March 2021","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;Suez Canal&quot;","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\/354.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":565181,"position":4},"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 &quot;Suez Canal&quot;","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":[]},{"id":561109,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/will-the-ever-given-ever-move\/","url_meta":{"origin":565181,"position":5},"title":"Will the Ever Given ever move?","author":"enterpriseam admin","date":"25 March 2021","format":false,"excerpt":"Efforts to dislodge the 400-meter-long mega vessel wedged across the Suez Canal that is blocking all marine traffic will resume this morning after tugboats failed yesterday to refloat the ship, Bloomberg reports, citing a Suez Canal Authority (SCA) source. Shipping activity remains at a standstill at the critical global trade\u2026","rel":"","context":"In &quot;Suez Canal&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565181","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=565181"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565181\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565177"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/565182"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565181"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565181"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}