Suez Canal Authority says huge container ship blocking the Suez Canal has been partially refloated

The Suez Canal Authority (SCA) said the huge Panamanian container ship, which has been blocking the Suez Canal for almost a week, has been successfully partially refloated. A successful push and tow manoeuvre led to the restoration of 80% of the vessel’s direction; with the stern 102 metres away from the bank versus a gap of about 4 metres prior to the refloating, said the state-owned authority that manages and operates the Suez Canal. “I think “partially refloated” is similar to “partially alive”, said analysts at BDSwiss. “It won’t be able to get moving and get out of the canal until it’s entirely refloated.” Manoeuvres are set to resume at high tide that should allow the container ship to be positioned in the middle of the waterway, the SCA said. The 400-metre-long container ship has been blocking the canal, an essential shipping route, since last Tuesday. Oil prices rose sharply on Friday on concerns about the impact on supplies of crude and refined products. Of the 39.2MMbopd of total seaborne trade in crude in 2020, 1.74MMbopd went through the Suez Canal, analysts at SP Angel noted, citing tanker tracking firm Kpler. Additionally, 1.54MMbopd of refined oil products such as gasoline and diesel fuel flow through the canal, about 9% of global seaborne product trade.