Efforts to free the vessel stuck in the Suez Canal resumed on Saturday (March 27), as the 400-meter (430-yard) long Ever Given remains stranded five days after running aground.
Shipping rates for oil product tankers almost doubled after the ship became stranded on Tuesday (March 27). Freeing the vessel may take weeks with the added complication of unstable weather, further threatening global supply chains and creating costly delays for companies already dealing with COVID-19 restrictions.
The latest effort to dislodge the ship with tug boats was suspended late on Friday (March 26), and attempts would resume on Saturday, three sources at the canal said. The Suez Canal Authority (SCA) could not immediately be reached for comment.
The suspension of traffic along the channel linking Europe and Asia has deepened problems for shipping lines.
The blockage could cost global trade $6 billion to $10 billion a week, a study by German insurer Allianz showed on Friday.