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Broken down tanker towed through Suez Canal, traffic briefly halted

2023-06-04T13:21:05.185Z

Highlights: Traffic returned to normal "in both directions" after a brief interruption caused by a "technical malfunction in the engine room" Three tugs had to "tow and moor for repairs" the oil tanker, then broken. The incident occurred at a time when Egypt is going through an economic crisis characterized by inflation of 32% and a devaluation of its currency of 50%. The Suez Canal is one of its top sources of foreign exchange earnings with more than seven billion dollars in revenue recorded in 2022.


Seavigour, a Maltese-flagged oil tanker that broke down in the Suez Canal, was displaced by three tugboats. The t


Egypt deployed three tugboats on Sunday to tow an oil tanker that broke down in the Suez Canal, announced the authority in charge of this maritime passage through which 10% of world trade passes.

Traffic returned to normal "in both directions" after a brief interruption caused by a "technical malfunction in the engine room" of the Maltese-flagged Seavigour ship that was supposed to rally Russia to China, the Suez Canal Authority said.

Three tugs had to "tow and moor for repairs" the oil tanker, then broken, with a capacity of 82,000 tons and 274 m long and 48 wide, said the same source.

Inflation of 32% in Egypt

The incident occurred at a time when Egypt is going through an economic crisis characterized by inflation of 32% and a devaluation of its currency of 50%. The country is seeking dollar resources to address these pressing challenges. The Suez Canal is one of its top sources of foreign exchange earnings with more than seven billion dollars in revenue recorded in 2022.

In March 2021, the Ever Given, a giant container ship of almost 200,000 tons whose bow was embedded in the east bank of the canal during a sandstorm, blocked the route between Europe and Asia for several days.

The rescue operation lasted six days and claimed the life of a Suez Canal Authority officer. Egypt had lost between $12 million and $15 million per day of closure while insurers had estimated the impact on global maritime trade at billions of dollars per day.

Source: leparis

All business articles on 2023-06-04

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