The Suez Canal still blocked, causing massive traffic jam: Live | Economy News

Container ships continue to stifle two-way traffic along the Suez Canal, creating one of the worst shipping bottlenecks in years.

Overnight low tide slowed efforts to dislodge a massive container ship that strangled two-way traffic along the Suez Canal and created one of the worst shipping bottlenecks in years.

The vessel Ever Given ran aground diagonally on the single-track stretch of the southern canal on Tuesday morning after losing the ability to steer amid high winds and a dust storm, the Suez Canal Authority said. (SCA) in a press release.

It now blocks two-way transit through one of the world’s busiest shipping channels connecting Asia and Europe.

Efforts to free the vessel using tugs continued, but the wind conditions and the sheer size of the vessel hampered the operation.

Here are the latest updates:

Crude prices drop slightly

U.S. crude fell 1.81% to $ 60.07 per barrel and Brent fell 1.46% to $ 63.45 per barrel, returning some of the previous day’s gains made after the channel was blocked. from Suez.

Only minor position changes recorded

Ship-tracking software shows the Ever Given has made only minor changes to its position in the past 24 hours, despite deploying multiple tugs to drag it to deeper water, Reuters reported.

Several dozen ships, including other large container ships, tankers carrying oil and gas, and bulk carriers carrying grain backed up at either end of the canal to create one of the worst shipping bottlenecks in years .

About 30% of the world’s shipping container volume passes through the Suez Canal, 193 km (120 miles) daily, and about 12% of total world trade in all goods.

Ships may have to bypass Africa

Shipping experts say if the blockage is not likely to be cleared within the next 24 to 48 hours, some shipping companies may be forced to reroute vessels around the southern tip of Africa, which would add about a week on the trip.

But the chairman of the Suez Canal Authority told media that despite the blockade, some goods were able to move south and efforts to dislodge given Ever will continue.

“Once we get that boat out, then that’s it, things will get back to normal. God willing, we will be done today, ”said President Osama Rabie.

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