An Echelon Media Company
Monday September 25th, 2023

Suez canal shipping suspended amid efforts to re-float grounded Evergreen vessel

ECONOMYNEXT – Ship traffic across the Suez canal has been suspended as efforts are made to dislodge an Evergreen container ship that is blocking the way, its operating authority said while shipping lines were mulling routing vessels around South Africa.

Admiral Osama Rabie, Chairman and Managing Director of the Suez Canal Authority has announced today; Thursday March 25th, 2021, that

Navigation through the Suez Canal “is temporarily suspended,” Admiral Osama Rabie, Chairman and Managing Director of the Suez Canal Authority said in a statement.

Routing vessels around the Horn of Africa will add about six days or more to the Far East to Europe route, shipping lines have said.

The Suez Canal Authority said 8 tugs were involved including Baraka 1 which towing power of 160 tonnes was involved in flotation efforts.

Te Panamanian registered Ever Given, which Evergreen said was a chartered vessel not owned by the group, got stuck across bows in the Suez Canal during a storm.

“This accident occurred at 6 nautical miles from the southern entry of
the Canal as the container ship proceeded northbound through the waterway from the Red Sea,” Evergreen said in a statement.

“Gusting winds of 30 knots caused the container ship to deviate from
its course, suspectedly leading to the grounding.

The floatation efforts included towing and pushing the grounding vessel using 8 large tugboats; largest of which is BARAKA 1 with a towing power of 160 tons, the Suez Canal authority said.

The stern of the vessel is stuck on a sandbank. Sand is being dug out to free the ship.

The vessel is stuck at 151 kilometre canal marking. (Colombo/Mar26/2021)

Leave a Comment

Your email address will not be published. Required fields are marked *

Leave a Comment

Leave a Comment

Cancel reply

Your email address will not be published. Required fields are marked *

Sri Lanka sells 2028 bonds at 14.52-pct

ECONOMYNEXT – Sri Lanka sold all offered bonds in 2026 and 2028 maturities raising 220 billion rupees from an auction Monday, data from the state debt office showed.

The debt office sold 135 billion rupees of 1 June 2026 bonds to yield 15.64 percent.

Another 85 billion rupees in 01 July 2028 bonds were sold to yield 14.52 percent.

The 2028 bond is offered on tap at the weighted average yield. (Colombo/Sept25/2023)

Continue Reading

Sri Lanka’s stocks end down on Monday after slow day of trading

ECONOMYNEXT – Sri Lanka shares were down at close of trading on Monday.

Turnover was 550 million rupees.

The main All Share Price Index was down 0.36 percent or 40.02 points to 11,216.50, while the S&P SL20 was down 0.44 percent or 14.07 points to 3,164.52.

Trading in the Capital Goods Industry (174,037,134) drove turnover.

Commercial Bank, Expolanka Holdings, and Aitken Spence plc saw losses, while National Development Bank, John Keells Holdings and Melstacorp saw gains in the day’s trading.

The market saw a net foreign inflow of 13 million rupees, while the yearly net foreign inflow was 429 million rupees. (Colombo/Sep25/2023)

Continue Reading

Sri Lanka rupee closes at 324.75/324.90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 324.75/90 to the US dollar on Monday, from Friday’s close at 324.70/325.00 dealers said.

Bond yields were up.

A bond maturing on 01.07.2025 closed up at 15.55/15.70 percent on Monday, after closing at 14.95/15.30 percent on Friday.

A bond maturing on 01.08.2026 closed up at 15.50/15.65 percent up from 14.95/15.10 percent.

A bond maturing on 15.09.2027 closed up at 14.75/15.50 percent from 14.55/15.00 percent.

A bond maturing on 01.05.2028 closed up at 14.25/14.60 from 14.00/14.30 percent.

A bond maturing on 15.05.2030 closed stable at 13.00/13.50.

A bond maturing on 01.07.2032 closed at 12.95/13.45 percent from 13.00/13.45 percent. (Colombo/Sept25/2023)

Continue Reading