Suez Canal Emer Given blocked oil price

Suez Canal ship partly refloated, traffic to resume

CAIRO, March 24, 2021 – A container ship that was blocking the Suez Canal since late Tuesday has been partially refloated and marine traffic is set to resume soon, marine services company GAC has said.

Since late on Tuesday, the Suez Canal has been blocked by a 400-metre-long container vessel that ran aground, likely due to a gust of wind.

News of the blockage caused an oil price rebound on Wednesday following Tuesday’s sell-off, with futures in New York rising by as much as 3.4%.

The 220,000-tonne Ever Given ultra-large container ship became stuck late on Tuesday, blocking marine traffic in the canal.


Around 50 ships pass through the canal daily, carrying 8% of the world’s marine trade.

Vessel operator Evergreen Marine said a “suspected gust of wind” had run the vessel off-course.  Crew were reported to be safe and accounted for.

As of Wednesday, tug operations had attempted to move the ship and an excavator was being used in a bid to release the bow.

Photo courtesy of the Suez Canal Authority.

Read our latest insights on: