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Argus Media: Grounded Suez Canal vessel partly refloated: Update 2

25 Mar 2021

Kevin Foster, Andrew Khaw and Ben Winkley of global energy and commodity price reporting agency Argus Media on Wednesday (24 March) published a summary on a recent incident at the Suez Canal where Ever Given, an ultra large container carrier ran aground, blocking traffic at the canal :

Adds details of vessel being partially refloated

The container ship that ran aground in the Suez Canal yesterday has been partially refloated, shipping agent GAC said today. There are signs of a build-up in tanker traffic at either end of the vital conduit. 

The Ever Given, an ultra large container carrier, was partially refloated as of 12:00 local time (10:00 GMT) and is alongside the canal bank, GAC said. It expects convoys and traffic to resume as soon as the vessel is towed to another position. The Suez Canal Authority (SCA) could not immediately be reached for confirmation.

The vessel was heading north when it ran aground at 07:40 local time (05:40 GMT) yesterday because of a dust storm and high winds, the SCA said. At least 64 southbound and 42 northbound vessels are either in the canal or waiting at outer anchorage having been delayed by the incident, according to shipping market estimates. There are no indications yet that any have been diverted to alternative routes such as around the Cape of Good Hope, according to Vortexa, which said that around 10 tankers carrying about 13mn bl of crude could be affected by the disruption. 

Crude futures rose by around 2pc today following the disruption. The Ice front-month May Brent contract was up by $1.35/bl or 2.2pc to $62.15/bl as of 10:40 GMT, having fallen sharply yesterday.

It typically takes 1-2 days for vessels to pass through the canal, which is one of the main transit points for oil and LNG heading from the Middle East to Europe and the Americas, and for Atlantic basin cargoes heading to Asia-Pacific. Flows through the Suez Canal and Egypt’s Sumed pipeline account for around 10pc of global seaborne oil trade volumes, according to the US EIA.

Photo credit and source:
Argus Media
Published: 25 March, 2021


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