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Global fuel prices set to rise after massive ship block at the Suez Canal

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Global fuel prices set to rise after massive ship block at the Suez Canal. Al Jazeera reports that at least 150 ships were waiting for the Ever Given to be cleared, including vessels near Port Said on the Mediterranean Sea, Port Suez on the Red Sea and those already stuck in the canal system on Egypt’s Great Bitter Lake, Leth Agencies said.

Fuel prices are expected to spike globally after the Ever Given ship blocked the Suez Canal which is used for the shipment of oil to Europe from the Middle East.

Boskalis, a Dutch firm specialised in salvaging, said that they would need to remove between 15 000 to 20 000 cubic meters of sand to reach a depth of 12 to 16 meters to allow the ship to float freely again.

The 224 000 tonne and 400m long container ship Ever Given ran aground in the Suez Canal Tuesday, March 23, blocking vessels passing through one of the world’s most important waterways. The Ever Given was stranded after losing the ability to steer amid high winds and dust storm.

Oil prices reversed a sharp sell-off a day earlier to rise 1 percent on Friday on mounting fears that it could take weeks to dislodge the ship, which would squeeze supplies of crude and refined products.

Prices, however, were still headed for a third consecutive weekly loss, with the outlook for demand dented by fresh coronavirus lockdowns in Europe. Brent crude was higher by 54 cents, or 0.9 percent, at $62.49 a barrel by 0432 GMT, after dropping 3.8 percent on Thursday.

The owner of the ship said efforts were underway to dislodge the ship adding that efforts might succeed tomorrow night.

Source – Pindula News

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