Suez Canal: Dozens of Ships Gridlocked Despite Efforts to Free Stuck Vessel

Bloomberg Quicktake: Now published this video item, entitled “Suez Canal: Dozens of Ships Gridlocked Despite Efforts to Free Stuck Vessel” – below is their description.

Rescue teams are working to dislodge a giant vessel from the Suez Canal in an effort to get traffic moving again in one of the world’s most important waterways.

The Ever Given, a container ship longer than the Eiffel Tower that ran aground in the southern part of the canal in Egypt, is still stuck across the waterway despite efforts to release it with tugs and excavators. One port agent said earlier that traffic could resume by tomorrow, but the Suez Canal Authority hasn’t given a timetable.

The incident is a reminder of how much international trade is channeled through so-called chokepoints — geographically constrained waterways that include the Strait of Hormuz and Panama Canal. Dozens of vessels are already gridlocked at Suez and a lengthy halt could further stretch supply chains that have already been disrupted by the coronavirus pandemic.

“The Suez Canal blockage comes at a particularly unhelpful time,” said Greg Knowler, European editor at JOC Group, which is part of IHS Markit Ltd. “Even a two-day delay would further add to the supply chain disruption slowing the delivery of cargo to businesses across the U.K. and Europe.”

The 193-kilometer-long (120 miles) Suez Canal is among the most trafficked waterways in the world, used by tankers shipping crude from the Middle East to Europe and North America. About 12% of global trade and 8% of liquefied natural gas pass through the canal, as do around 1 million barrels of oil each day.

The disruption comes at a time when oil prices were already volatile. Crude surged above $70 a barrel earlier this month on Saudi production cuts, only to slump close to $60 this week due to setbacks in Europe’s coronavirus vaccine program. Brent crude rose 5.4% to $64.07 as of 4:26 p.m. in London.

Bloomberg Quicktake: Now YouTube Channel

Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.

About This Source - Bloomberg QuickTake: Now

Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.

It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.

Recent from Bloomberg QuickTake: Now:

  • Lava Flows Over Road on Spain’s La Palma After Volcano Erupts
  • Thousands of Haitian Migrants Camped in Texas Cross Rio Grande To Buy Supplies in Mexico
  • Volcano Erupts on Spanish Island
  • In This Story: COVID-19

    Covid-19 is the official WHO name given to the novel coronavirus which broke out in late 2019 and began to spread in the early months of 2020.

    Symptoms of coronavirus

    The main symptoms of coronavirus are:

    • a persistent new cough (non productive, dry)
    • a high temperature (e.g. head feels warm to the touch)
    • shortness of breath (if this is abnormal for the individual, or increased)

    Latest News about Covid-19

    Below are stories from around the globe related to the 2020 outbreak of novel Coronavirus – since the WHO gave the Covid-19 naming. Most recent items are posted nearest the top.

    5 Recent Items: COVID-19

  • Kristoffer Broberg breaks down after gutsy victory | Winning Round Highlights | 2021 Dutch Open
  • Hindus amass for India’s elephant god festival as COVID-19 cases rise
  • Meet The Press Broadcast (Full) – September 19th, 2021
  • Full Panel: Biden Endures A Tough Week
  • Fauci, Collins defend coronavirus vaccine booster rollout
  • In This Story: Egypt

    Egypt, a country linking northeast Africa with the Middle East, dates to the time of the pharaohs. Millennia-old monuments sit along the fertile Nile River Valley, including Giza’s colossal Pyramids and Great Sphinx as well as Luxor’s hieroglyph-lined Karnak Temple and Valley of the Kings tombs.

    The capital, Cairo, is home to Ottoman landmarks like Muhammad Ali Mosque and the Egyptian Museum, a trove of antiquities. 

    4 Recent Items: Egypt

  • What is the Israeli PM’s vision for Middle East peace?| Inside Story
  • Egypt Opens Restored Tomb of Ancient Pharaoh to Tourists
  • Bennett meets Sisi on first Egypt visit by Israeli PM in decade • FRANCE 24 English
  • Israeli PM Bennett meets President el-Sisi in Egypt
  • In This Story: IHS Markit

    IHS Markit Ltd is an American-British information provider based in London formed in 2016 with the merger of IHS Inc. and Markit Ltd.

    2 Recent Items: IHS Markit

  • Natural gas futures hit highest levels since 2014
  • Why this energy analyst is ‘not alarmed’ by $80 oil
  • In This Story: Panama

    Panama is a country on the isthmus linking Central and South America. The Panama Canal, a famous feat of human engineering, cuts through its center, linking the Atlantic and Pacific oceans to create an essential shipping route. In the capital, Panama City, modern skyscrapers, casinos and nightclubs contrast with colonial buildings in the Casco Viejo district and the rainforest of Natural Metropolitan Park.

    2 Recent Items: Panama

  • Ever Given Passes Through Egypt’s Suez Canal Without Incident
  • Migrants make jungle crossing on route to the US | DW News
  • Leave a Comment

    We don't require your email address now, just your name. BUT, if you do add it, you may be notified if there are replies to your comment. Please make respectful comments, which add value, and avoid personal attacks on others. Comments failing to adhere to these guidelines will not be published.