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Ship that ran aground in Suez Canal has been refloated, canal operator says

Monday, January 9, 2023
Ship that ran aground in Suez Canal has been refloated, canal operator says © Reuters.

By Geoffrey Smith

Investing.com -- The Suez Canal Authority said it had refloated a ship that ran aground earlier on Monday, avoiding a repeat of the blockage that badly hit global trade flows in 2021.

The MV Glory, a 225-meter, Liberian-flagged vessel carrying Ukrainian corn to China, had struck the western bank of the Canal in one of its narrower stretches earlier on Monday, near the city of Qantara, in the Suez Canal province of Ismailia. The circumstances leading to the incident are still unclear. However, Leth Agencies, a Canal services firm, said three tugs dispatched by the SCA had managed to pull the ship away from the bank, allowing traffic to resume.

Leth said that minor delays were still to be expected as a result of the incident.

MV Glory's accident briefly revived fears of 2021, when the massive container ship Ever Given wedged itself between the canal's two banks, blocking the vital trade artery for six days. Around $9 billion of goods passes through the Canal each day.

The Ever Given's misfortune had added to disruptions caused by the COVID-19 pandemic, snarling global supply chains and contributing to the overheating of freight rates that have been part of the global rise in inflation in the last two years.

Last August, a Singaporean-flagged oil tanker had also run aground in a single-lane stretch of the canal, blocking the waterway for five hours before it was freed.

The Canal, originally opened in 1869, has undergone a major widening in the last decade to allow it to accommodate bigger ships.

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31-03-2023 10:41:31 (UTC+7)

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 EUR/USD1.0901↑ Sell
 GBP/USD1.2391↑ Sell
 USD/JPY132.91Neutral
 AUD/USD0.6716Neutral
 USD/CAD1.3526↑ Buy
 EUR/JPY144.90↑ Sell
 EUR/CHF0.9963↑ Sell
 Gold1,998.55↑ Sell
 Silver24.043↑ Sell
 Copper4.0880↑ Sell
 Crude Oil WTI74.34↑ Buy
 Brent Oil78.45Neutral
 Natural Gas2.100↑ Buy
 US Coffee C170.15Sell
 Euro Stoxx 504,285.42↑ Sell
 S&P 5004,050.83↑ Buy
 DAX15,522.40↑ Sell
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 Allianz211.80↑ Buy
 Adidas155.00Sell
 Lufthansa9.950Neutral
 Siemens AG148.52↑ Buy
 Deutsche Bank AG9.289Neutral
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