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Coverage for Suez Canal Supply and Trade Disruptions
The six-day blockage of the Suez Canal by the Ever Given has resulted in numerous trade and supply chain disruptions for businesses that depend on timely shipments. At least 400 cargo ships were stuck and many forced to reroute. Businesses may be protected from lost profits and the costs of these interruptions and supply chain delays by insurance.Businesses that depend on the Suez Canal to deliver their cargo, commodities and products face billions of dollars of lost profits and damages.
Arrested Suez Ship Fit for Onward Passage, Manager Says
The cargo vessel that blocked global shipping in the Suez Canal and is caught in a legal dispute in Egypt is fit to sail once approval is given, its technical manager said on Wednesday.The Ever Given was declared suitable for onward passage from the Great Bitter Lake to Port Said, where she would be assessed again before departing for Rotterdam, Bernhard Schulte Shipmanagement (BSM) said in a statement.The ship has been in the lake…
Ever Given Held in Egypt as Compensation Talks Continue
A ship that blocked the Suez Canal for almost a week in March has not been given clearance to leave the waterway as discussions continue over a compensation claim…
BIMCO: U.S. Economic Stimulus Have Worked Magic for Container Shipping
North American import of containerized goods from the Far East soared to a noteworthy high of 1.62m TEU during February 2021, a 100% increase from the low point of the same month last year. Fueled by US stimulus, volumes moving on the trans-pacific trade lane to consumers and businesses in North America thereby defied all obstacles during a month usually characterized by slow activity.In particular…
Ever Given Fiasco Illustrates Importance of the Shipping Container
Take a look around you.Perhaps you’re snacking on a banana, sipping some coffee or sitting in front of your computer and taking a break from work to read this article. Most likely, those goods—as well as your smartphone, refrigerator and virtually every other object in your home—were once loaded onto a large container in another country and traveled thousands of miles via ships crossing the ocean before ultimately arriving at your doorstep.Today…
Global Supply Lines Struggle to Clear Container Backlog After Suez Chaos
A backlog of container ships carrying consumer goods has grown in some key strategic ports after a near week-long blockage in the Suez Canal, adding to ongoing disruptions to global trade, industry sources say.Dozens of container ships were stuck when the 400-metre-long (430-yard) Ever Given ran aground in the canal on March 23, with specialist rescue teams taking almost a week to free the vessel.The…
Reinsurers Set to Bear Brunt of Costs for Suez Canal Grounding
Reinsurers are set to foot most of the bill for the grounding of the ship that halted traffic in the Suez Canal, industry sources said, with payouts expected to run into hundreds of millions of dollars.International supply chains were thrown into disarray when the 400 meter Ever Given ran aground in the canal on March 23, with specialist rescue teams taking almost a week to free the vessel.Around 400 vessels were affected by the canal’s closure…
Fact Check: Ever Given is Not Loaded with Nuclear Weapons
A social media post has falsely claimed the Ever Given ship that blocked the Suez Canal is carrying nuclear weapons. There is no evidence to support this – and Evergreen Line, the company leasing the vessel, told Reuters the allegation is false. The original post has now been removed from Facebook; however, other accounts have shared a screenshot. It claims information has been leaked in the Netherlands that the “EVERGREEN was loaded with WEAPONS and NUKES”.
Suez Canal Traffic Not Affected by Tanker's Engine Failure
Traffic in the Suez canal was not affected by an oil tanker’s sudden engine failure on Tuesday, the canal authority said, adding that the vessel had been fixed and started up again.Shipping websites MarineTraffic and TankerTrackers said earlier that marine traffic had slowed in canal as oil tanker M/T Rumford appeared to face difficulties in the southern part.“The authority dealt quickly with a sudden failure in the engine of one of the ships crossing the canal, the oil tanker Rumford, with a pa
Suez Canal May Expand Southern Channel, Chairman Says
The Suez Canal Authority is considering expanding the southern section of the waterway where the container ship Ever Given became stranded, its chairman said on Tuesday.It is also looking into procuring cranes that could potentially offload cargo at heights of up to 52 meters, Osama Rabie told Reuters in an interview.“Our procedures are sound, we are just aiming to improve the service,” he said.The…
Suez Canal: All Ships Stranded by Ever Given Grounding Pass Through
All ships stranded by the grounding of the giant container ship Ever Given in the Suez Canal in March had passed through the canal by Saturday, ending the backlog that built up during the blockage, the canal authority said.The last 61 ships, out of 422 ships that were queuing when the vessel was dislodged on Monday, passed through the vital trade artery on Saturday, the Suez Canal Authority (SCA) said.International…
Suez Blockage May Lead to Large Reinsurance Claims, Broker Says
The blockage of the Suez Canal is likely to lead to large reinsurance claims, adding to upward pressure on marine reinsurance rates, James Vickers, chair of reinsurance broker Willis Re International, told Reuters.Formal investigations began this week into how the giant container ship Ever Given ran aground in the canal, shutting down shipping in the major global waterway for almost a week.The incident…
Suez Canal Says 87 Ships to Pass Through on Thursday
The Suez Canal Authority said 87 ships were expected to pass through the waterway in both directions on Thursday, as it tries to clear a backlog since re-opening on Monday.A total of 194 ships have already passed through between Monday night, when a giant container ship blocking the crucial international trade route was re-floated, and Wednesday, the Suez Canal Authority said.The six-day blockage caused by the 400-meter-long Ever Given had caused a back-up of more than 400 vessels, which authori
Suez Canal Must Upgrade Quickly to Avoid Future Shipping Disruption
Egypt's Suez Canal must move quickly to upgrade its technical infrastructure if it is to avoid future shipping disruption, shipping industry sources said, as the major trade route tries to bounce back from a costly six-day closure.International supply chains were thrown into disarray on March 23 when the 400-meter-long (430-yard) container ship Ever Given ran aground in the canal, with specialist rescue…
Investigator Boards Ever Given in Suez Canal Blockage Probe
Divers inspected the hull of the Ever Given on Wednesday as the man tasked with investigating how the giant container ship ran aground, choking off international trade through the Suez Canal for almost a week, boarded the vessel.Lead investigator Captain Sayed Sheasha, who boarded the Ever Given on Wednesday afternoon, told Reuters that the investigation would include examining the seaworthiness of…
Lloyd's of London Sees 'Large Loss' Due to Suez Canal Blockage
The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 due to the COVID-19 pandemic.The Canal is working to clear the backlog after the refloating this week of a stranded giant container ship. The blockage threw global supply chains into disarray.Bruce Carnegie-Brown told Reuters it was too early to estimate the exact loss…
Investigation Begins Into How Ever Given Got Stuck in Suez Canal
Formal investigations into how the giant container ship Ever Given ran aground in the Suez Canal, shutting down shipping in the major global waterway for almost a week, begin on Wednesday, a canal official told Reuters.The six-day blockage threw global supply chains into disarray after the 400-metre-long (430-yard) ship became jammed diagonally across a southern section of the canal, the shortest shipping route between Europe and Asia.Egypt’s Leth Agencies said on Wednesday that a total of 163 s
Suez Canal: 140 More Ships to Pass Through on Tuesday After Ever Given Unstuck
The Suez Canal expects 140 ships to pass on Tuesday after the freeing of a container ship stranded for nearly a week allowed it to reopen, but experts warned that disruptions to global shipping and at ports could take months to resolve.The blockage threw global supply chains into disarray, threatening costly delays for firms already wrestling with COVID-19 restrictions, and nearly doubled rates for…
Traffic in Suez Canal Resumes After Ever Given Refloated
Shipping was on the move again late on Monday in Egypt's Suez Canal after tugs refloated a giant container ship which had been blocking the channel for almost a week, causing a huge build-up of vessels around the waterway.With the 400-meter-long (430-yard) Ever Given dislodged, 113 ships were expected to transit the canal in both directions by early Tuesday morning, Suez Canal Authority (SCA) chairman…
Top Three Takeaway Lessons From the Suez Canal Blockage
For a week the world was gripped by the extraordinary sight of a massive container ship that had run aground in the Suez Canal in Egypt. The Ever Given is 400m long (1,312ft) and weighs 200,000 tonnes, with a maximum capacity of 20,000 containers. It was carrying 18,300 containers when it became wedged in the canal, blocking all shipping traffic. Efforts to free it finally paid off when it was partially dislodged in the early hours of Monday 29 March.
