Reuters CAIRO – The Suez Canal said on Friday it was close to clearing a backlog of shipping that built up when a giant container ship was grounded in the waterway. Suez Canal Authority (SCA) Chairman Osama Rabie told Egypt’s Extra News TV that 61 ships were still waiting and would pass on Saturday, down from 422 that were queuing
Reuters CAIRO – 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-metre-long (430-yard) container ship Ever Given ran aground
CNBC CAIRO — Egyptian authorities may seek over $1 billion in damages for helping to clear the Ever Given from the Suez Canal, as a dilemma emerges over who might foot the bill. “We will reach over a billion dollars in compensation,” Osama Rabie, the chairman and managing director of the state-owned Suez Canal Authority, told Egypt’s Sada El Balad channel
Reuters LONDON -Oil prices slid on Tuesday as the Suez Canal reopened to traffic, while focus turned to an OPEC+ meeting this week which analysts expect to approve an extension to supply curbs amid disappointing demand prospects. Brent crude was down $1.02, or 1.6%, at $63.96 a barrel by 1334 GMT. West Texas Intermediate U.S. oil was off by $1.16,
Reuters Dislodging a container ship blocking the Suez Canal, one the world’s busiest trade routes, may delay delivery to Europe of around 1 million tonnes of liquefied natural gas (LNG) on 10 vessels if the blockage lasts for two weeks, researcher Rystad Energy said. Salvage officials said it could take weeks to resolve the congestion on the canal, the main
Reuters CAIRO – The Suez Canal stepped up efforts on Friday to free a giant stuck container ship and end a blockage that has sent shipping rates for fuel tankers soaring and disrupted global supply chains for everything from grains to baby clothes. Shipping rates for oil product tankers have nearly doubled after the 400-metre (430-yard) long Ever Given ran
Reuters LONDON/LOS ANGELES – The suspension of traffic through the Suez Canal has deepened problems for shipping lines that were already facing disruption and delays in supplying retail goods to consumers, shipping sources said. Container shipping companies, carrying retail goods ranging from mobile phones and designer goods to bananas, have been struggling for months with disruptions caused by the coronavirus
From Reuters Somewhere on its journey from the waters off Iran, around Africa’s southern tip and into the Mediterranean, the Grace 1 oil tanker lost the flag under which it sailed and ceased to be registered to Panama. Iran later claimed it as its own. The ship carrying 2 million barrels of Iranian crude was seized by British Royal Marines
Suez Canal Authority wants to increase LNG carrier transits From The Maritime Standard A new amendment increasing the rebate offered on normal Suez Canal transit tolls for LNG vessels came into effect for a period of one year from 1st October, reports global ship agency, GAC. LNG Tankers, whether laden or ballast, operating between the US Gulf and Singapore, and
On December 30, 2013, Egypt’s state-owned petroleum corporation and natural gas holding company announced an internal auction for 22 concessions intended for oil and gas exploration. The concessions, located in the Suez Canal, Mediterranean Sea, Nile Delta and western desert, all must be in accordance with Egypt’s production sharing agreements. According to the EIA, Egypt is Africa’s second largest dry
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