Suez Canal reopens as Ever Given freed from canal bank

By Salma El Wardany, Mirette Magdy and Ann Koh on 3/29/2021
Ever Given ranks among the world
Ever Given ranks among the world's largest cargo vessels.

(Bloomberg) - The Ever Given container ship stuck in the Suez Canal was finally pulled free, allowing the crucial trade route to reopen to traffic.

The vessel is now fully afloat, the Suez Canal Authority said in a statement. Tug boats hauled the giant vessel away from the side of the waterway, where it had been lodged since last Tuesday.

Efforts will now get under way to restart shipping navigation, with more than 450 vessels waiting near the canal. The backlog has strained global supply chains already stretched by the pandemic as the route is a conduit for about 12% of global trade.

Brent crude dropped 0.6% to trade at $64.20 a barrel as of 2:16 p.m. in London.

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