{"id":565246,"date":"2021-03-29T13:55:24","date_gmt":"2021-03-29T13:55:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/29\/ever-given-has-us-running-like-an-abbott-and-costello-cartoon\/"},"modified":"2021-03-29T13:55:24","modified_gmt":"2021-03-29T13:55:24","slug":"ever-given-has-us-running-like-an-abbott-and-costello-cartoon","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/29\/ever-given-has-us-running-like-an-abbott-and-costello-cartoon\/","title":{"rendered":"Ever Given has us running like an Abbott and Costello cartoon"},"content":{"rendered":"

<\/a> The world\u2019s biggest chicken bone is finally out of our collective throats after it was dislodged minutes before dispatch. <\/strong>Presidential advisor for canal projects (and former SCA chief) Mohab Mamish indicated that the Ever Given will undergo a comprehensive technical examination to ensure it is fit to be on its way, reports Youm7<\/a>. The ship is apparently travelling north to the Great Bitter Lake, CNBC<\/a> reported Leth Agencies \u2014 a transit agent at the canal \u2014 as saying moments ago.<\/p>\n

Despite a minor setback around an hour ago: <\/strong>High winds this afternoon swung the Ever Given back across the Suez Canal, reblocking the waterway and ahead of the next attempt to fully dislodge it, reported Reuters<\/a>. However, it proved a minor setback as the vessel was not regrounded and engineers were able to finally pry it away from the bank.<\/p>\n

Things have been looking up since this morning<\/strong> after the Suez Canal Authority announced the ship was partially refloated successfully this morning, in a statement<\/a>. Successful push and tow maneuvers had led to the restoration of 80% of the vessel's direction and the stern was 102 meters away from the bank. SCA Head Osama Rabie signalled that the ship could be cleared from the path through today\u2019s continued efforts, he told Sada El Balad (watch, runtime: 08:14<\/a>).<\/p>\n

What had we been doing? <\/strong>Since yesterday<\/a>, engineers have been taking advantage of a full moon that made low tide lower and high tide higher to float the ship. This afternoon, tugboats had been moving the stern of the ship back and forth to dislodge the front hull from the mud (a movement similar to wiggling a tooth), people familiar with the operation told Bloomberg<\/a>.<\/p>\n

The crews of 450 ships will say goodbye to the Red Sea soon: <\/strong>Marine traffic through the canal is still waiting to resume once the Ever Given is directed to the lakes area, a wider section of the Canal, allowing the more than 450 waiting vessels to continue their journeys.<\/p>\n

Inshallah:<\/strong> If the vessel is dislodged today, all waiting ships should pass through the canal within the next three days, Rabie added.<\/p>\n

It\u2019s still a bad day to be in marine insurance: <\/strong>There\u2019s a risk that this incident could push insurance companies to increase premiums on ships passing through the Canal, which in return would effectively impact the amount of vessels deciding to transit through the Egyptian waterway, Mamish told Amr Adib (watch, runtime: 2:02<\/a>). However, Mamish stressed that the possibility of insurance premiums going up is so far hypothetical and that the SCA will work to offer better service in the future to offset the possible move. Around 12% of global trade passes through the Suez Canal, Mamish added, saying that he\u2019s optimistic our foothold will remain in place.<\/p>\n

That said, the blockage will lead to lower global earnings for reinsurers and losses in the hundreds of mns of EUR<\/strong>, Fitch Ratings<\/a> said today. Reinsurers, who provide policies to insurance companies to shield them from some of the risks, will be affected financially, but their credit profiles won\u2019t necessarily be hit, the ratings agency said. Those companies had already reported heavy declines in profitability due to paying high claims during the pandemic, Fitch noted.<\/p>\n

The story has been leading coverage on Egypt on the front pages of the foreign press this afternoon:<\/strong> Reuters<\/a> | Associated Press<\/a> | Bloomberg<\/a> | Financial Times<\/a> | CNBC<\/a> | The New York Times<\/a> | The Wall Street Journal<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The world\u2019s biggest chicken bone is finally out of our collective throats after it was dislodged minutes before dispatch. Presidential advisor for canal projects (and former SCA chief) Mohab Mamish indicated that the Ever Given will undergo a comprehensive technical examination to ensure it is fit to be on its way, reports Youm7. The ship […]<\/p>\n","protected":false},"author":1,"featured_media":565247,"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":[4207,633,134,4206,7103,133],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565246","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-suez-canal","tag-boskalis-westminster","tag-enterprisepm","tag-ever-given","tag-mohab-mamish","tag-suez-canal","tag-suez-canal-authority","wpautop","entry"],"acf":{"mongo_id":"54cf3cc5-7477-4fef-8c7f-c25f98756b04","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/575.jpg","photo_position":"above","related_issue":[565242],"teaser":"","voice_url":""},"yoast_head":"\nEver Given has us running like an Abbott and Costello cartoon - 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\/29\/ever-given-has-us-running-like-an-abbott-and-costello-cartoon\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ever Given has us running like an Abbott and Costello cartoon\" \/>\n<meta property=\"og:description\" content=\"The world\u2019s biggest chicken bone is finally out of our collective throats after it was dislodged minutes before dispatch. 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Rabie served as the deputy chairman of the SCA\u2026","rel":"","context":"In "Speed Round"","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":597457,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/28\/egypts-sczone-revenue-hits-new-stride\/","url_meta":{"origin":565246,"position":1},"title":"Egypt\u2019s SCZone revenue hits new stride","author":"enterpriseam admin","date":"28 July 2019","format":false,"excerpt":"SCZone revenues hits new record: Revenues from the Suez Canal Economic Zone recorded EGP 3.7 bn in FY2018-2019, the highest recorded level since the zone\u2019s inauguration, Suez Canal Authority Chairman Mohab Mamish said. Net profit for the fiscal year, meanwhile, came at EGP 2.2, up 35% from EGP 1.6 bn\u2026","rel":"","context":"In "Speed Round"","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":595826,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/07\/suez-canal-zone-lowers-investment-forecasts\/","url_meta":{"origin":565246,"position":2},"title":"Suez Canal Zone lowers investment forecasts","author":"enterpriseam admin","date":"7 August 2019","format":false,"excerpt":"INVESTMENT WATCH- SCZone revises investment forecasts downwards: Suez Canal Economic Zone (SCZone) boss Mohab Mamish has revised downwards investment forecasts, announcing in a press conference yesterday that he expects the zone to attract USD 50 bn of investment by 2030 instead of USD 55 bn by 2024 forecast in March\u2026","rel":"","context":"In "Speed Round"","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":565246,"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 "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\/354.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595881,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/08\/egypts-sca-sczone-reach-final-agreement-with-uaes-dp-world-for-sokhna-jv\/","url_meta":{"origin":565246,"position":4},"title":"Egypt\u2019s SCA, SCZone reach final agreement with UAE\u2019s DP World for Sokhna JV","author":"enterpriseam admin","date":"8 August 2019","format":false,"excerpt":"The Suez Canal Authority (SCA) and the Suez Canal Economic Zone (SCZone) have reached a final agreement with DP World on setting up a joint venture to develop 45 sqm in Ain Sokhna, SCA boss Mohab Mamish said at a press conference. The JV will be 49% owned by the\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596000,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/18\/el-sisi-inaugurates-new-greenhouses-mamish-exists-sczone\/","url_meta":{"origin":565246,"position":5},"title":"El Sisi inaugurates new greenhouses, Mamish exists SCZone","author":"enterpriseam admin","date":"18 August 2019","format":false,"excerpt":"A pretty bland night on Egypt\u2019s airwaves. The story of the night was the inauguration of phase two of a project to build 100k greenhouses on the Cairo-Alamein road. Construction and housing, and Mohab Mamish\u2019s departure as Suez Canal boss also got some airtime. El Sisi inaugurates phase two of\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"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\/565246","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=565246"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565246\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565242"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/565247"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565246"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565246"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}