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

Best Shot at Unblocking Suez Canal May Not Come Until Monday

Published 03/25/2021, 07:25 AM
Updated 03/25/2021, 08:10 AM
© Reuters.

(Bloomberg) -- The best chance for freeing a massive container ship that’s blocking the Suez Canal may not come until Sunday or Monday, when the tide will reach a peak.

Nick Sloane, the salvage master responsible for refloating the Costa Concordia, the cruise ship that capsized on the coast of Italy in 2012, said that the spring tide on Sunday and Monday will add an extra 18 inches (46 centimeters) in depth, allowing for more maneuvering.

The massive size of the Ever Given, which ran aground in the southern part of the canal on Tuesday, is foiling efforts of tugboats and marine excavators to get it back into navigable waters and on its way. The ship is about a quarter mile long (400 meters) and weighs 200,000 metric tons.

“This is definitely not a quick refloat operation,” Sloane, who has participated in at least a hundred salvage operations of ships, aircrafts, oil rigs and pipelines, said in a phone interview from Cape Town.

The canal authority is expected to try to dislodge the Ever Given on Thursday, weather permitting. For that, they may use four or five extra tugs after an attempt on Wednesday failed, Sloane said. Dredgers are digging around the ship to allow it to back out of its position, and if it it doesn’t budge, the next step is to drain the ballast water and the fuel.

Richard Meade, London-based managing editor of Lloyd’s List Maritime Intelligence, also agrees that it will become easier to free the ship by Monday.

“You have a significant increase in water there,” he said.

But if efforts on Sunday and Monday also fail, the delays for shipping traffic will likely get even worse.

The next opportunity would be another 12 to 14 days away, when tides are expected to swell again, said Sloane, who works as the senior salvage master for Fort Lauderdale, Florida-based Resolve Marine Group.

(Updates with job title in last paragraph.)

©2021 Bloomberg L.P.

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.