Shipping traffic through Egypt's Suez Canal resumed on Monday after a giant container ship which had been blocking the busy waterway for almost a week was refloated, the canal authority said. The 400-metre (430-yard) long Ever Given became jammed diagonally across a southern section of the canal in high winds early last Tuesday, halting traffic on the shortest shipping route between Europe and Asia. Live footage on a local television station showed the ship surrounded by tug boats moving slowly in the centre of the canal on Monday afternoon. The station, ExtraNews, said the ship was moving at a speed of 1.5 knots. "Admiral Osama Rabie, the Chairman of the Suez Canal Authority (SCA), announces the resumption of maritime traffic in the Suez Canal after the Authority successfully rescues and floats the giant Panamanian container ship EVER GIVEN," a statement from the SCA said. "She's free," an official involved in the salvage operation said. After dredging and excavation work over the weekend, rescue workers from the SCA and a team from Dutch firm Smit Salvage had succeeded in partially refloating the ship earlier on Monday using tug boats. "The time pressure to complete this operation was evident and unprecedented," said Peter Berdowski, CEO of Smit Salvage owner Boskalis after the Ever Given was refloated. The company said approximately 30,000 cubic metres of sand was dredged to refloat the 224,000-ton container ship and a total of 11 tugs and two powerful sea tugs were used to pull the ship off. Evergreen Line, which is leasing the Ever Given, confirmed the ship had been successfully refloated and said it would be repositioned in a lake that sits between two sections of the canal and inspected for seaworthiness. Bernhard Schulte Shipmanagement (BSM), the technical managers of the container ship, said there were no reports of pollution or cargo damage, and initial reports ruled out any mechanical or engine failure as a cause of the grounding. QUEUE At least 369 vessels are waiting to transit the canal, including dozens of container ships, bulk carriers, oil tankers and liquefied natural gas (LNG) or liquefied petroleum gas (LPG) vessels, the SCA's Rabie said. The authority said earlier it would be able to accelerate convoys through the canal once the Ever Given was freed. "We will not waste one second," Rabie told Egyptian state television. He said it could take up to three days to clear the backlog, and a canal source said more than 100 ships would be able to enter the channel daily. Shipping group Maersk said the knock-on disruptions to global shipping could take weeks or months to unravel. Egyptian President Abdel Fattah al-Sisi, who had not publicly commented on the blockage, said Egypt had ended the crisis and assured resumption of trade through the canal. Oil prices were more than 1 percent lower at $63.85 a barrel after the ship was refloated. Shares of Taiwan-listed Evergreen Marine Corp - the vessel's lessor - closed 1.75% higher after the ship was partially refloated earlier on Monday. About 15% of world shipping traffic transits the Suez Canal, which is an important source of foreign currency revenue for Egypt. The stoppage was costing the canal $14-15 million a day. Shipping rates for oil product tankers nearly doubled after the ship became stranded, and the blockage has disrupted global supply chains, threatening costly delays for companies already dealing with COVID-19 restrictions. Maersk was among shippers rerouting cargoes around the Cape of Good Hope, adding up to two weeks to journeys and extra fuel costs.
