SINGAPORE: The Egyptian authorities revealed on Monday that the traffic through the Suez Canal had resumed after the tanker called Ever Given, which had been grounded for almost a week, was refloated.
This is not only for the Ever Given vessel, but for the delayed deliveries of other affected vessels. Who absorbs these costs will be a lengthy affair of multi-party negotiation among shippers, consignees, shipping lines, freight forwarders, and insurance companies.The extent of these potential commercial liabilities will increase until the jam of vessels in the waters doesn't clear up, considering that billions of dollars of trade passes through the Suez Canal each day.
In part, this explosion of infrastructure has been underway pre-pandemic to serve burgeoning trade between China and the rest of the world. For example, Singapore’s focus on food resilience may see vegetables sourced from local producers that could be more expensive since these are produced in land-scarce Singapore, using advanced vertical farming technology.
However, the global supply chain landscape has been changing and adapting, reshaped by new emerging markets, trade tariffs, impact of technologies such as automation and e-commerce, and most recently, COVID-19 disruptions.
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Commentary: What the stuck ship in the Suez Canal taught us about lifeThe Ever Given fiasco may have been a disaster for global trade but holds interesting parallels to real life, says Karen Tee.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Megaship still stuck in Suez canal as new refloating attempt 'likely' on MondaySUEZ, Egypt: Egyptian authorities decided Sunday (Mar 28) that more tugboats will be needed to free a mammoth container ship blocking the Suez ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Huge ship blocking Suez Canal partially refloated, more work neededA massive container ship blocking Egypt's Suez Canal for nearly a week has been partially refloated, the Suez Canal Authority (SCA) said on Monday, raising hopes the busy waterway will soon be reopened for a huge backlog of ships. After further dredging and excavation over the weekend, efforts by rescue workers from the SCA and a team from Dutch firm Smit Salvage worked to free the ship using tug boats in the early hours of Monday, two marine and shipping sources said. The SCA said Ever Given has been straightened in the canal and further tugging operations would resume once the tide rises later on Monday.
Source: YahooSG - 🏆 3. / 71 Read more »
The cost of the Suez Canal blockageThe Suez Canal Authority said its revenue is taking a US$14m-US$15m hit for each day of the blockage. YahooFinance
Source: YahooSG - 🏆 3. / 71 Read more »
Suez Canal: Egypt’s president declares end to container ship crisis as Ever Given ’starts to move’Egypt's President has declared an end to the crisis of the giant container ship blocking the Suez Canal after its owners revealed it had been freed from the bank. Abdel Fattah al-Sisi made the announcement on his official social media pages on Monday. Footage posted on social media appears to show the 400 metre-long megaship facing the right direction in the water as tugboats battled to straighten it after the vessel smashed into the bank last week.
Source: YahooSG - 🏆 3. / 71 Read more »