Global Excitement As Suez Canal Reopens With Ship Fully Refloated

'Dotun Akintomide
Writer

Ad

Oil Prices Rally as the Geopolitical Risk Premium Rebuilds

Light crude oil futures rose for the week, closing Thursday at $63.52, up $1.54 or +2.48% from last Friday’s close, as geopolitical tensions, bullish inventory data, and renewed demand optimism drove a shift in market sentiment. The recovery followed two weeks of selling pressure and marked a return of bullish interest as supply-side risks reentered…

Japan designates Kisarazu as official hometown for Nigerians

In a landmark move to boost cultural ties and economic cooperation, the Government of Japan has designated the city of Kisarazu as the official hometown for Nigerians wishing to live and work in the country. The announcement was made on Thursday on the sidelines of the Ninth Tokyo International Conference on African Development (TICAD9), held…

FG to raise N200bn through two bond offers at August auction

By Obinna Uballa The Debt Management Office (DMO) has announced plans to raise N200 billion through two Federal Government bond offerings scheduled for auction on August 25, 2025. According to a notice issued by the DMO on Friday, the subscription price for each bond is fixed at N1,000 per unit, with a minimum subscription requirement…

Ad

With Agency Report — There was excitement in the global shipping industry, Monday, as traffic through Egypt’s Suez Canal resumes after a giant container ship which had been blocking the busy waterway for almost a week was refloated, according to the canal authority.

The 400-metre (430-yard) long Ever Given became jammed diagonally across a southern section of the canal in high winds early last Tuesday, halting traffic on the shortest shipping route between Europe and Asia.

“She’s free,” an official involved in the salvage operation said.

After dredging and excavation work over the weekend, rescue workers from the Suez Canal Authority (SCA) and a team from Dutch firm Smit Salvage succeeded in partially refloating her early on Monday using tug boats, two marine and shipping sources said.

Efforts to completely free her continued throughout the day.

At least 369 vessels are waiting to transit the canal, including dozens of container ships, bulk carriers, oil tankers and liquefied natural gas (LNG) or liquefied petroleum gas (LPG) vessels, SCA Chairman Osama Rabie said.

The SCA has said it can accelerate convoys through the canal once the Ever Given is freed. “We will not waste one second,” Rabie told Egyptian state television.

He said it could take from two-and-a-half to three days to clear the backlog, and the canal source said more than 100 ships would be able to enter the channel daily.

Shipping group Maersk said the knock-on disruptions to global shipping could take weeks or months to unravel.

Ad

X whatsapp