Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Suez Canal may expand southern channel, chairman says

Published 04/06/2021, 08:47 AM
Updated 04/06/2021, 11:10 AM
© Reuters. A ship is seen after sailing through Suez Canal, in Ismailia

By Nadeen Ebrahim and Patrick Werr

ISMAILIA, Egypt (Reuters) -The Suez Canal Authority is considering expanding the southern section of the waterway where the container ship Ever Given became stranded, its chairman said on Tuesday.

It is also looking into procuring cranes that could potentially offload cargo at heights of up to 52 meters, Osama Rabie told Reuters in an interview.

"Our procedures are sound, we are just aiming to improve the service," he said.

The 400-metre-long (1,310 ft) Ever Given became grounded diagonally across the southern section of the canal during high winds on March 23. It remained stuck for six days, preventing hundreds of ships from passing and significantly impacting global trade flows.

After it was dislodged, the ship was taken to a lake that separates two sections of the canal where the Suez Canal Authority (SCA) has been conducting investigations.

Rabie said data from the ship's recorders had been removed and handed over to an investigation committee, and that the ship would travel on once the procedures were completed.

"We are talking about two or three more days, God willing. But we won't take much time," he said.

The committee investigating the grounding was made up of five or six members with law, maritime, salvage, and administration expertise, he said, adding that it had caused Egypt great damage.

"We used about 15 tug boats, for six days. We worked 24 hours a day. We used two dredgers. We used assistance launches," Rabie said. "The canal was closed for six days. That alone caused great harm."

The SCA has said that it will continue to take ships of the Ever Given's size and is reinforcing its ability to deal with future problems.

"We will try to get two more tug boats, with pulling power of more than 200 tonnes - 250, 280, depending," Rabie said.

© Reuters. Osama Rabie, Chairman of the Suez Canal Authority, speaks during an interview with Reuters in his office in the city of Ismailia

The authority was also studying and planning a possible expansion of the southern part of the canal, the area where the Ever Given got stuck.

"If there is a 250-metre part that needs expansion, maybe we will make it 400 metres," Rabie said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.