Suez Canal: Ship blocking the traffic freed from shoreline, say reports

Suez Canal ship blocking the traffic in the vital waterway has been freed from the shoreline as per media reports that have cited local authorities.

"Admiral Osama Rabie, head of the Suez Canal Authority, has announced the resumption of shipping traffic in the Suez Canal," the Suez Canal Authority said in a statement, shortly after shipping sites had showed it to have once more diagonally blocked the waterway.

Early on Monday, the ship was turned in right direction on Monday, triggering praise from President Abdel Fattah al-Sisi and raising hopes traffic could soon resume.

Longer than four football fields, the MV Ever Given became wedged diagonally across the canal during a sandstorm last Tuesday, strangling world supply chains.

Maritime data company Lloyd's List says the blockage held up an estimated $9.6 billion worth of cargo each day between Asia and Europe, with the tailback of ships now reaching 425 at the two ends of the canal, in the Mediterranean and Red Sea.

Just how important Suez Canal is for global economy was evident as oil prices eased on Monday after traffic resumed in the Suez Canal. Crude oil prices had reduced earlier when the ship was partially freed. However, they had rebounded quickly afterwards when salvage experts said the hardest work was ahead. The easing of prices is more pronounced now as per AFP.