Fortune Sky is Your Go-to Source for the Latest Finance News, Covering Markets, Business, Industries and Internet.
⎯ 《 Fortune • Sky 》

Cargo Ship Runs Aground in Suez Canal, Disrupting Trade Route

2023-05-25 12:59
Work is underway to free a bulk carrier that’s run aground in the Suez Canal, causing fresh disruption
Cargo Ship Runs Aground in Suez Canal, Disrupting Trade Route

Work is underway to free a bulk carrier that’s run aground in the Suez Canal, causing fresh disruption to the vital trade route.

Tugs are attempting to refloat the Xin Hai Tong 23, according to a message posted to Twitter by Leth Agencies, a company that provides services for the passage. At least four other vessels have been impacted as a result, said Leth, without elaborating.

Egypt’s Suez Canal is one of the world’s most important waterways connecting North America, Europe and the Mediterranean to the Middle East and Asia. It’s a key transport channel for a myriad of commodities including oil and gas.

The vessel is roughly half the length of the 400-meter-long Ever Given, a massive container ship that blocked the Suez in 2021, roiling world trade. The Ever Given was stuck partly because it was longer than the width of the canal.

There have been several groundings in the canal this year, the most recent in March, which caused no delay to traffic in the waterway.

The Xin Hai Tong 23 vessel is currently stuck in the southern end of the canal, according to shipping data. Traffic in that section appears to have halted, with vessels waiting at both ends, the data shows.

--With assistance from Ann Koh.

(Updates with details throughout.)