Suez Canal: blockage could cost $10bn a week as ship re-float attempt fails


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An attempt to refloat the stranded mega-vessel blocking the Suez Canal failed, the ship's technical manager Bernhard Schulte Shipmanagement (BSM) said on Friday.

The Panama-flagged Ever Given ran aground in the narrow canal on Tuesday morning after being hit by strong winds, the charterer of the vessel, Evergreen Maritime, said.

Satellite photos distributed by the canal authority show Ever Given's bow touching the eastern wall, while its stern appears to be lodged against the western wall.

Two attempts to refloat the huge boat failed. BSM said the rescue team had confirmed that two additional tugs will arrive on March 28 to assist in refloating the Ever Given, as it approaches its fifth day blocking the vital waterway.

Suez
Suez

The canal was closed on Thursday to allow rescue teams to try to free the 400-metre, 200,000-tonne container ship.

Dutch company Smit Salvage and Japan’s Nippon Salvage have been hired to assist in the refloating.

The Ever Given is the heaviest vessel that Smit Salvage has faced in its nearly 180-year history.

Capt Nicolas Sloane, a maritime salvage expert who led the high-profile effort to salvage the cruise ship Costa Concordia in 2012, said extracting the Ever Given is "quite a challenge" and could take five days to a week.

The Suez Canal Authority did not comment on the work or give any indication of when traffic could resume.

Hundreds of ships are waiting to pass through the closed canal, with some choosing to take a much longer route around the continent of Africa.

6.3 million barrels of oil stranded 

Data company Refinitiv said a further 100 boats are on their way to the closed canal. Data intelligence company Kpler said 10 crude oil tankers were awaiting entry to the canal, carrying oil and oil products from Kazakhstan, Russia, Libya, Azerbaijan and the North Sea.

At least 6.3 million barrels of oil are stranded in the canal, Kpler said.

The effect of delays has doubled shipping costs for oil-related products since the ship ran aground on Tuesday, experts said.

The blockage could cost global trade $6 billion to $10 billion a week, a study by German insurer Allianz showed on Friday.

"The problem is that the Suez Canal blockage is the straw that breaks global trade's back," the study's authors wrote.

"First, suppliers' delivery times have lengthened since the start of the year and are now longer in Europe than during the peak of the Covid-19 pandemic."

A further statement from Evergreen Marine said the costs of freeing the vessel and repair were the owner’s responsibility.

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Saturday, August 3 - First T20i, Amstelveen
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Profile of Tamatem

Date started: March 2013

Founder: Hussam Hammo

Based: Amman, Jordan

Employees: 55

Funding: $6m

Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

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The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
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6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

The Gandhi Murder
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  • 34 - Nationalities featured in the film The Gandhi Murder
  • 7 - million dollars, the film's budget 
UAE currency: the story behind the money in your pockets
EPL's youngest
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Expert input

If you had all the money in the world, what’s the one sneaker you would buy or create?

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Light Welterweight (64kg): Milana Safronova (KAZ) beat Lalbuatsaihi (IND) 3-2.

Welterweight (69kg): Valentina Khalzova (KAZ) beat Navbakhor Khamidova (UZB) 5-0

Middleweight (75kg): Pooja Rani (IND) beat Mavluda Movlonova (UZB) 5-0.

Light Heavyweight (81kg): Farida Sholtay (KAZ) beat Ruzmetova Sokhiba (UZB) 5-0.

Heavyweight (81 kg): Lazzat Kungeibayeva (KAZ) beat Anupama (IND) 3-2.

COMPANY PROFILE

Company name: Blah

Started: 2018

Founder: Aliyah Al Abbar and Hend Al Marri

Based: Dubai

Industry: Technology and talent management

Initial investment: Dh20,000

Investors: Self-funded

Total customers: 40

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- Start with a simple recipe such as yogurt or sauerkraut

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Spain drain

CONVICTED

Lionel Messi Found guilty in 2016 of of using companies in Belize, Britain, Switzerland and Uruguay to avoid paying €4.1m in taxes on income earned from image rights. Sentenced to 21 months in jail and fined more than €2m. But prison sentence has since been replaced by another fine of €252,000.

Javier Mascherano Accepted one-year suspended sentence in January 2016 for tax fraud after found guilty of failing to pay €1.5m in taxes for 2011 and 2012. Unlike Messi he avoided trial by admitting to tax evasion.

Angel di Maria Argentina and Paris Saint-Germain star Angel di Maria was fined and given a 16-month prison sentence for tax fraud during his time at Real Madrid. But he is unlikely to go to prison as is normal in Spain for first offences for non-violent crimes carrying sentence of less than two years.

 

SUSPECTED

Cristiano Ronaldo Real Madrid's star striker, accused of evading €14.7m in taxes, appears in court on Monday. Portuguese star faces four charges of fraud through offshore companies.

Jose Mourinho Manchester United manager accused of evading €3.3m in tax in 2011 and 2012, during time in charge at Real Madrid. But Gestifute, which represents him, says he has already settled matter with Spanish tax authorities.

Samuel Eto'o In November 2016, Spanish prosecutors sought jail sentence of 10 years and fines totalling €18m for Cameroonian, accused of failing to pay €3.9m in taxes during time at Barcelona from 2004 to 2009.

Radamel Falcao Colombian striker Falcao suspected of failing to correctly declare €7.4m of income earned from image rights between 2012 and 2013 while at Atletico Madrid. He has since paid €8.2m to Spanish tax authorities, a sum that includes interest on the original amount.

Jorge Mendes Portuguese super-agent put under official investigation last month by Spanish court investigating alleged tax evasion by Falcao, a client of his. He defended himself, telling closed-door hearing he "never" advised players in tax matters.

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Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

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Juvenile arthritis

Along with doctors, families and teachers can help pick up cases of arthritis in children.
Most types of childhood arthritis are known as juvenile idiopathic arthritis. JIA causes pain and inflammation in one or more joints for at least six weeks.
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Arthritis in children can cause eye inflammation and growth problems and can cause bones and joints to grow unevenly.
In the UK, about 15,000 children and young people are affected by arthritis.

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Company Profile 

Founder: Omar Onsi

Launched: 2018

Employees: 35

Financing stage: Seed round ($12 million)

Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners

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MATCH INFO

Manchester City 0

Wolves 2 (Traore 80', 90 4')

The specs

Engine: 5.0-litre V8

Power: 480hp at 7,250rpm

Torque: 566Nm at 4,600rpm

Transmission: 10-speed auto

Fuel consumption: L/100km

Price: Dh306,495

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Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

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FIGHT CARD

From 5.30pm in the following order:

Featherweight

Marcelo Pontes (BRA) v Azouz Anwar (EGY)

Catchweight 90kg

Moustafa Rashid Nada (KSA) v Imad Al Howayeck (LEB)

Welterweight

Mohammed Al Khatib (JOR) v Gimbat Ismailov (RUS)

Flyweight (women)

Lucie Bertaud (FRA) v Kelig Pinson (BEL)

Lightweight

Alexandru Chitoran (BEL) v Regelo Enumerables Jr (PHI)

Catchweight 100kg

Mohamed Ali (EGY) v Marc Vleiger (NED)

Featherweight

James Bishop (AUS) v Mark Valerio (PHI)

Welterweight

Gerson Carvalho (BRA) v Abdelghani Saber (EGY)

Middleweight 

Bakhtiyar Abbasov (AZE) v Igor Litoshik (BLR)

Bantamweight:

Fabio Mello (BRA) v Mark Alcoba (PHI)

Welterweight

Ahmed Labban (LEB) v Magomedsultan Magemedsultanov (RUS)

Bantamweight

Trent Girdham (AUS) v Jayson Margallo (PHI)

Lightweight

Usman Nurmagomedov (RUS) v Roman Golovinov (UKR)

Middleweight

Tarek Suleiman (SYR) v Steve Kennedy (AUS)

Lightweight

Dan Moret (USA) v Anton Kuivanen (FIN)

Race 3

Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars