You may occasionally receive promotional content from the Los Angeles Times.īut any attempt to move the Ever Given faces considerable challenges given the sheer size and weight of the ship, Meade said. They also called in Boskalis, a Dutch dredging and heavy lift company, which was set to begin work Thursday morning. On Wednesday night, authorities moved vessels out of the queue to enter the canal - a sign that the wait could be a long one. A day later, dredgers were brought in, with crews hoping high tide in the evening would help lift the Ever Given free. The ship’s crew also reduced weight by releasing ballast water used to help balance the ship. In the hours after the Ever Given’s grounding, Egyptian authorities dispatched eight tugboats - one of them high-powered - to heave the ship off the embankment, while a number of excavators removed sand near the vessel’s bow. “Alternative supply chains would have to be completely constructed,” said Meade.
If the crisis drags on, at some point the waiting ships will have to face the prospect of making a U-turn and going around the Cape of Good Hope instead - adding three weeks to their journey. If the ship is dislodged in the coming two days, Meade said, “it will be a minor blip.”īut more delays will cause cascading effects on arbitrage trade flows, freight costs and insurance rates, said analysts at S&P Global Platts, who reported that traders considered the situation an “arbitrage killer” if it wasn’t soon resolved. Whether the incident will have more significant consequences depends largely on how long the situation will last.
It’s the first time weekly applications for jobless aid have fallen below 700,000 since the COVID-19 pandemic erupted in March 2020. jobless claims fall to 684,000, fewest since pandemic began
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