Suez Canal Traffic Returns to Normal After Ship Stranding

Tugboats successfully moved a ship that had been stranded in the Suez Canal on Thursday, and shipping traffic through one of the world’s busiest waterways has returned to normal. However, there are conflicting accounts of how the incident occurred, with the ship’s owners stating that it suffered a steering malfunction, while Egypt’s state-run Suez Canal Authority claimed it broke down due to engine failure. The bulk carrier had set off from the Saudi Red Sea port of Duba and was at sea south of the canal when the incident occurred.

The Suez Canal has seen a flurry of shipping incidents in recent years, including a prominent case in March 2021 when the skyscraper-sized container ship, the Ever Given, ran aground and blocked the waterway for six days. The canal is a crucial link for oil, natural gas, and cargo and is one of Egypt’s top foreign currency earners. President Abdel Fattah el-Sissi’s government completed a major expansion of the canal in 2015 to allow it to accommodate the world’s largest vessels.

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Credit: financialpost.com

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