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Suez Canal Expansion Due to Complete in July 2023
A project to expand parts of the Suez Canal is expected to be completed after two years of work in July 2023, the chairman of the Suez Canal Authority (SCA) said on Sunday.The SCA announced accelerated plans to extend a second channel of the canal and to enlarge an existing channel after the Ever Given container ship ran aground and blocked the waterway for six days last year."The project will be completed in 24 months.
Suez Canal Says Fee Hikes Will Boost Revenue by $400 Million
The chairman of the Suez Canal Authority told Arabiya TV on Monday that the 6% increase in canal fees from February will boost annual revenue by $400 million.Revenue from the canal in 2021 was hit by a six-day disruption when the container ship Ever Given got stuck in the canal in March, halting traffic in both directions.(Reporting by Moataz Mohamed; Editing by David Goodman )
Insurance Insights: Larger Vessels, Larger Exposures
The blocking of the Suez Canal by one of the largest container ships in service in the world – the Ever Given – in March 2021 caused huge delays to hundreds of vessels waiting to transit the canal, one of the biggest chokepoints on the critical East/West trade shipping route. The blockage was estimated to have affected an estimated $9.6bn of goods each day, or around 12% of total world trade.The latest in a growing list of incidents involving large vessels…
Arctic Shipping Requires New Ways to Manage Risks
In February 2021, LNG carrier Christophe de Margerie, escorted by a nuclear icebreaker, became the first large-capacity cargo vessel to transit the eastern sector of the Northern Sea Route (NSR). The voyage demonstrated that year-round safe navigation is possible along the entire length of the Northern Sea Route (NSR).In the last five years, cargo traffic along the NSR has grown almost fivefold, reaching 33 million tons in 2020.
Evergreen Marine Orders 24 Container Ships
Container shipping firm Evergreen Marine has this week ordered 24 container ships for a total price of up to ~$1.1 billion from CSSC Huangpu Wenchong Shipbuilding in China.In a Taiwan Stock Exchange announcement on Wednesday, Evergreen said the order comprised newly-built 1,800 TEU, 2,300 TEU, and 3,000 TEU container ships.More precisely, the company has ordered two 1,800 TEU vessels, eleven 2,300 vessels TEU and eleven 3,000 TEU vessels.The total transaction price is between $958 million and ~1
Ship Stuck then Refloated in Suez Canal, No Impact on Traffic
A bulk carrier briefly became stuck in the northern section of the Suez Canal on Thursday but was refloated and there was no impact on traffic, the Suez Canal Authority (SCA) said in a statement.The Panama-flagged Coral Crystal, with a cargo of 43,000 tonnes, suffered from a temporary problem on its way southwards through the canal, the SCA said, but ships behind it were diverted through a parallel channel.Traffic in the canal was blocked in both directions for six days in March when the giant c
World's Largest Containership Ever Ace Transits the Suez Canal
The world's largest containership, Ever Ace, made its first transit through the Suez Canal on Saturday, during a voyage from China to the Netherlands.The hulking vessel is 400 meters long and 61.5 meters wide with a 15-meter draft, and it can carry on board up to 23,992 TEUs, overtaking HMM Algazeras as the world's largest box ship in terms of overall capacity. The Suez Canal Authority (SCA) said it…
Ever Given Returns to the Suez Canal
The giant container ship Ever Given, which blocked the Suez canal for six days in March, crossed the waterway on Friday for the first time since it left Egypt after the incident.The ship, en route from the United Kingdom to China, crossed the canal among a convoy of 26 vessels sailing from the Mediterranean Sea to the Red Sea, the Suez Canal Authority (SCA) said in a statement. Another 36 ships crossed…
Cyber Security Threats Challenge International Shipping Industry
The crippling ransomware attack against the Colonial oil pipeline in the U.S. in May 2021 should be a wake up call for the maritime industry. As a critical part of the global supply chain, the shipping industry could become an attractive target for cyber criminals and politically motivated attacks. Marine insurer Allianz Global Corporate & Specialty explores these challenges in its latest Safety & Shipping Review 2021.The 9…
Ever Given Arrives in Rotterdam
The container ship Ever Given, which got stuck in the Suez Canal for six days in March, arrived in the Dutch port of Rotterdam on Thursday after being released by…
Ever Given Exits Egyptian Waters
The Ever Given container ship that had blocked the Suez Canal in March left Egyptian waters at 4 a.m.
Suez Canal Posts Record $5.84 Billion Annual Revenue
Egypt's Suez Canal revenue rose to a record $5.84 billion in its 2020-21 financial year (July-June), up from $5.72 bln in the previous year, the Suez Canal Authority said on Sunday.The Authority also said the canal's revenues in the first six months of this year increased to about $3 billion compared with $2.76 billion in the same period last year, despite the grounding incident of container ship Ever…
Ever Given Will Undergo Dive Inspection in Port Said
The owner of the Ever Given container ship said on Wednesday that the vessel would undergo a dive survey at Egypt's Port Said, at the northern end of the Suez Canal, before proceeding to the next port
Ever Given Settlement Says Neither Side Should Make Further Demands
A settlement between the Suez Canal and the owner and insurers of the Ever Given container ship stipulates that neither party would make further demands, the head of the canal authority said on Wednesday.Osama Rabie told reporters that the agreement included the payment of a lump sum, without giving further details.
Ever Given Begins Exit from Suez Canal
The Ever Given, one of the world's largest container ships, resumed its journey to leave the Suez Canal on Wednesday, 106 days after becoming wedged across a southern…
Ever Given's Suez Canal Detention Order Lifted
An Egyptian court has lifted the detention order on the Ever Given container ship, allowing its expected release from the Suez Canal on Wednesday, a lawyer and judicial sources said.The Ever Given's owners and insurers announced on Sunday that they had reached a settlement with the Suez Canal Authority (SCA) over compensation for the ship becoming grounded in March and blocking traffic in the waterway.The ship has been held under court order in a lake between two stretches of the canal since it
Suez Canal 1H Revenue Hits $3B
Egypt's Suez Canal earned revenue of $3 billion in the first six months of 2021, up 8.8% compared with the same period last year, Osama Rabie, the canal authority chairman, said on Sunday.The canal authority will receive a tug boat with a pulling capacity of about 75 tonnes as part of a settlement to release the container ship Ever Given, which blocked traffic at the waterway for six days in March, Rabie told a private TV channel.
Deal Reached to Release Cargo Ship that Blocked Suez Canal
The owners and insurers of the Ever Given container ship that blocked the Suez Canal in March said on Sunday a formal settlement had been agreed in a compensation dispute, and the canal authority said the vessel would be allowed to sail on July 7.The Suez Canal Authority (SCA) has held the giant ship and its crew in a lake between two stretches of the waterway since it was dislodged on March 29, amid…
Ever Given Operator Says More Time Needed for Ship Release
The operator of a giant cargo ship that blocked the Suez Canal in March said on Thursday that it would take more time for the vessel to be released from detainment while a final agreement with Egyptian authorities was being concluded.The Japanese owners and insurers of the ship were locked in a compensation dispute with the Suez Canal Authority (SCA), but announced on Wednesday that an agreement in principle had been reached."It may take some further time for the agreement to be concluded…
Agreement in Principle Reached Over Ever Given
A representative for the owners and insurers of a giant cargo ship that blocked the Suez Canal in March on Wednesday said that an agreement in principle had been reached in a compensation dispute with the canal authority.Work was under way to finalize a signed settlement agreement as soon as possible and arrangements for the release of the Ever Given vessel would be made after formalities had been dealt with…
