Suez Canal

Sebi probing smallcaps a warning bell for microcaps; time to exit: Analysts

Analysts expect volatility in micro-cap stocks to continue in the near-term. They recommend limiting exposure to the segment

Cargo vessel runs aground in Suez Canal, traffic not impacted: Authorities

A cargo vessel ran aground in the Suez Canal on Sunday, but traffic through the global waterway was not impacted, Egyptian authorities said. The Liberia-flagged MSC Istanbul, heading to Portugal from Malaysia, got stuck in a two-lane part of the Suez Canal, said Adm. Ossama Rabei, head of the Suez Canal Authority. He added that tugboats were deployed to help refloat the vessel. Despite the MSC Istanbul's situation, convoys were transiting through the waterway without any problems, Rabei said, without elaborating on what had caused the ship to run aground. The Suez Canal allows for passage of two convoys of vessels a day in both directions. The incident was the latest case of a vessel getting stuck in the key global waterway. A tanker transporting liquefied natural gas broke down in the Suez Canal last month, also without impacting traffic in the canal. In January, a cargo ship carrying corn went aground before being refloated; after a while, traffic through the waterway was ...

Egypt may allocate land to Indian industries in Suez Canal Economic Zone

Egyptian side considers the possibility of allocating a special area of land for Indian industries in the Suez Canal Economic Zone, the Indian side can arrange for the master plan, says the statement

Cargo ship that went aground in Suez Canal refloated, say officials

The Suez Canal Authority said Monday that a cargo ship that went aground in the Egyptian waterway has been refloated Canal services firm Leth Agencies said the vessel, MV Glory, ran aground near the city of Qantara, in the Suez Canal province of Ismailia. The firm said three canal tugboats had been working to refloat the vessel. Officials had no details on what caused the vessel to run aground. Parts of Egypt, including its northern provinces, experienced a wave of bad weather Sunday. A cargo vessel ran aground in Egypt's Suez Canal on Monday, a canal services firm said. It wasn't immediately clear whether canal traffic was affected. Leth Agencies said the vessel, MV Glory, ran aground near the city of Qantara, in the Suez Canal province of Ismailia. The firm said three canal tugboats were trying to refloat the vessel. Officials had no details on what caused the vessel to run aground. Parts of Egypt, including its northern provinces, experienced a wave of bad weather Sunday. S

Firm says cargo vessel 'MV Glory' ran aground in Egypt's Suez Canal

A cargo vessel ran aground in Egypt's Suez Canal on Monday, a canal service firm said. Leth Agencies said the vessel, MV Glory, ran aground near the city of Qantara, in the Suez Canal province of Ismailia. The firm said canal rigs are currently trying to refloat the vessel. A spokesman for the Suez Canal Authority did not respond to calls seeking comment.

Egypt's Suez Canal registers record revenue of $7.9 billion in 2022

Egypt's Suez Canal registered a record-breaking revenue of $7.9 billion in 2022, authorities said

Egypt to raise Suez Canal transit fees for ships in 2023: Authority

Egypt said on Saturday that it will increase transit fees for vessels, including oil-laden tankers, passing through Suez Canal, one of the world's most crucial waterways. The Suez Canal Authority said in a statement on Saturday that it will add 15% to the fees for tankers carrying oil and petroleum products, and 10% for dry bulk carriers and cruise ships. The authority's chief, Osama Rabie, said the hikes, which will take effect on Jan. 1, are inevitable and a necessity. He blamed booming global inflation rates, which have increased the cost of the waterway's operations, maintenance, and maritime services. About 10% of global trade, including 7% of the world's oil, flows through the Suez Canal, a major source of foreign currency to Egypt, the most Arab populous country with over 103 million people. Egypt has faced towering economic challenges and is running low on foreign currency needed to buy essentials such as grain and fuel. Authorities said 20,649 vessels passed through the c

Tanker that ran aground in Suez Canal has been refloated: Reports

Affinity V vessel had become wedged in a single-lane stretch of the canal, the Suez Canal Authority's head Osama Rabie said in a statement

Egypt's Suez Canal chief says April revenues hit all-time record at $629 mn

The unprecedented income came as the Suez Canal in March increased transit fees for ships passing through the waterway

Revenues of Egypt's Suez Canal hit record $6.3 billion in 2021

The revenues of Egypt's Suez Canal in 2021 reached $6.3 billion, the highest in the waterway's history, a top official said here.

Oldest tourist in space to hottest month in history: Record highs of 2021

Captain Kirk of "Star Trek", alias veteran actor William Shatner (pictured), became the oldest person to go into space at 90

2021, the year that was for world: A chaotic return to the usual

2021 started on a sour note for the democratic world and it remained under pressure from a dominant communist China

China's worse-than-Suez ship congestion set to widen global trade chaos

Yantian Port says it will be back to normal by the end of June, but it may take months for the cargo backlog in southern China to clear while the fallout ripples worldwide.

Suez Canal authority plans to widen canal to avoid another 'The Ever Green'

To avoid a repeat of events like The Ever Given, a cargo ship which was struck in Egypt, the authority has decided to start dredging work to widen and deepen the southern part of the canal

Suez Canal blockade: Egypt demands $550 mn from Japanese cargo ship owner

Egyptian authorities are demanding 550 million US dollars in compensation from the Japanese owner of a cargo ship that blocked the Suez Canal for nearly a week in March

Suez Canal's claim over once-stuck cargo ship Ever Given referred by court

An Egyptian appeals court said it lacks jurisdiction to look into the Suez Canal Authority's demands to uphold financial claims that led to the seizure of the cargo ship that blocked the waterway

Egyptian court allows Suez Canal to keep holding Ever Given: Lawyer

The Ever Given, one of the world's largest container ships, became jammed across the canal in high winds on March 23

Egypt plans Suez Canal expansion after grounding of vessel in March

Egypt on Tuesday announced plans to widen and deepen the southern part of the Suez Canal where a hulking vessel ran aground and closed off the crucial waterway in March

Vessel that blocked Suez Canal impounded amid financial dispute

Lt. Gen. Osama Rabie said the hulking Ever Given would not be allowed to leave the country until a compensation amount is settled on with the vessel''s Japanese owner, Shoei Kisen Kaisha Ltd.

Lesson on French forest lake: How not to get stuck in the Suez Canal

A replica in the middle of a French forest was built to train ship captains and maritime pilots how to navigate the Suez Canal