Video

CBNC: Egypt's Suez Canal could take weeks to clear


published on 25 March 2021 963 -

Found on YouTube. Created by "CNBC Television". Originally published on 2021-03-25.
The massive container ship that ran aground in the Suez Canal, halting traffic in one of the world's busiest waterways, is still stuck. The ship, called the Ever Given, became horizontally wedged in the waterway following heavy winds. Nearly 19,000 ships passed through the canal during 2020, for an average of 51.5 per day, according to the Suez Canal Authority. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

The massive container ship Ever Given has now been stuck in the Suez Canal for three days, halting billions of dollars in trade as vessels pile up on either side of the waterway.

More than 150 ships are currently waiting to pass through the 120 mile man-made canal, according to estimates from research firm StoneX.

Images captured from vessel tracker MarineTraffic show the extent of the buildup.

The canal handles around 12% of seaborne trade, making it an essential point of passage. Each additional day that the ship is delayed disrupts more than $9 billion worth of goods, according to the Associated Press citing estimates from Lloyd’s List.

Research firm StoneX noted that 24 of the vessels are carrying crude, 15 are refined product tankers, and 16 are liquified natural gas/liquified petroleum gas product carriers.

For ships waiting to cross the canal, alternate options are limited.

“As delays continue, shippers will have to broach the unpalatable decision of whether to make a U-turn and head for the Cape of Good Hope or wait it out in the Red Sea and Mediterranean,” commodity data company Kpler wrote in a note to clients.

Re-routing significantly increases a trip’s length, which translates to higher costs. Sailing from the Suez Canal to Amsterdam takes just over 13 days when traveling at 12 knots, compared to 41 days if traveling around the Cape of Good Hope.

“The event highlights the relative fragility of the on-water trading system, particularly for those flows for which Suez Canal transits make up a higher percentage of total volumes moved,” the firm added.

The ship became horizontally wedged in the waterway following heavy winds. Multiple tugboats were sent to the scene, and a team from Smit Salvage has been called in to assist with the operation.

“Dredging operations to assist refloating the vessel continue. In addition to the dredgers already on site a specialised suction dredger has arrived at the location,” Bernhard Schulte Shipmanagement, which is the technical manager of the vessel, said in a statement. The firm said an early attempt to re-float the vessel on Thursday was unsuccessful, and that another attempt would be made later in the day.

The enormous cargo carrier is more than 1,300 feet long and about 193 feet wide. It weighs more than 200,000 tons. One end of the ship was wedged into one side of the canal, with the other stretching nearly to the other bank.

Nearly 19,000 ships passed through the canal during 2020, for an average of 51.5 per day, according to the Suez Canal Authority. The ship was sailing from China to Rotterdam when it ran aground.

» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast

Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC

https://www.cnbc.com/select/best-credit-cards/

#CNBC
#CNBCTV
What's your opinion on this?
Login or register to write comments and join the discussion!
Read more...

Video Norway’s $325 Million Ship Tunnel Gets Go Ahead

published on 25 March 2021

Construction of the world’s first shipping tunnel will soon get underway in western Norway following government approval of startup funds. The Norwegian Coastal Administration (Kystverket) has proposed a plan to complete a tender process in 2021.

0

Video OCEA Launches First Patrol Boat for Ukraine's State Border Guard

published on 10 December 2021

French shipbuilder OCEA today launched the first of twenty "OCEA FPB 98 MKI" patrol boats for the State Border Guard service of Ukraine at its shipyard in Les Sables d'Olonne. ===================== In November 2019, an intergovernmental agreement between France and Ukraine has been signed to support the reinforcement of the maritime safety and security in Ukraine. OCEA won the international consultation launched by the Ukrainian Ministry of Interior. The acquisition contract is for 20...

0

Video "Golden Ray" harbor pilot details his harrowing experience when it capsized

published on 19 September 2020

Captain Jonathan Tennant has been called a hero for his decision to intentionally ground the Golden Ray, keeping it out of the main shipping channel.

0

Opinion Example of a Passage Plan used by Portsmouth Pilots, UK

by Tim Cummins, Portsmouth, UK - published on 10 February 2021

Created by Tim Cummins. This is an uncontrolled example of the latest passage plan used by the Pilot Service at Portsmouth International Port.

0

Video The Maritime Blockade of Ukraine | What's Going on With Shipping?

published on 1 June 2022

The Maritime Blockade of Ukraine What's Going on With Shipping? April 22, 2022 In this episode, Sal Mercogliano - former merchant mariner and maritime historian at Campbell University - discusses the ongoing maritime blockade of Ukraine. He assesses some recent commentary and analysis on the naval operation, including the sinking of Moskva, and the commercial implications of the war in the Black Sea. #Ukraine #Russia #BlackSea #Moskva #Blockade #trade #commerce #logistics #supplychain...

0

Article NAUTITEC (Germany) as new partner of Marine-Pilots.com

by Marine-Pilots.com - published on 8 October 2020

NAUTITEC as a maritime simulation and training centre offers various services for shipping companies, port authorities, captains and for pilots and tug crews.

2

Video Explosions and major fire on oil tanker MT. JAG LEELA at Belawan, Indonesia.

published on 11 May 2020

Explosions and major fire on Aframax crude oil tanker MT. JAG LEELA at Belawan, Indonesia. 10 May 3020

0

Article Ramsgate RNLI called to rescue beached boat at Broadstairs

by www.theisleofthanetnews.com - published on 9 December 2021

Ramsgate RNLI crews were called in to help a pilot boat beached at Broadstairs last night (December 7).

0

Video Should the Captain go down with the sinking ship?

published on 9 November 2020

1:19 What is the history? 2:14 If we fast forward to the modern era, what has changed? 3:00 How have things impacted the modern Captain? 3:33 What are the typical laws on the subject in some countries? 4:05 How is it different from other leadership positions? 5:34 What needs to change? Blog - https://www.melvinmathews.com/ Linkedin - https://www.linkedin.com/in/melvin-mathews/ Twitter - https://twitter.com/melvinsmathews Facebook - https://www.facebook.com/melvin.mathews.37 Instagram - https:...

1