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.
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