Oil tanker breaks down in Egypt's Suez Canal, briefly disrupting traffic in the global waterway

By AP News


A spokesperson for Egypt's Suez Canal says a tanker transporting crude oil broke down in the canal, briefly disrupting traffic in the global waterway

Suez Canal-Sinai Peninsula

CAIRO (AP) — A tanker transporting crude oil broke down in a single-lane part of Egypt's Suez Canal on Sunday, briefly disrupting traffic in the global waterway, Egyptian authorities said.

The Malta-flagged Seavigour suffered a mechanical malfunction at the 12- kilometer (7.5-mile) mark of the canal, said George Safwat, a spokesperson for Egypt’s Suez Canal Authority. The tanker was transiting the canal from the Mediterranean Sea to the Red Sea

In a phone interview with a local television station, Adm. Ossama Rabei, the head of the canal authority, said the tanker broke down in a single-lane part of the waterway, disrupting the transit of eight other vessels behind it.

Hours later, Rabei said in a statement that navigation at the canal had returned to normal after three tugboats towed the tanker to a double-lane part at the 17- kilometer (10.5-mile) mark. He said the Seavigour 's crew was working on repairing the malfunction but did not share additional details.

The Seavigour was built in 2016, and is 274 meters (899 feet) long and 48.63 meters (159 feet) wide, according to MarineTraffic, a vessel tracking service provider

Sunday’s incident was the latest case of a vessel reported stuck in the vital waterway. A flurry of ships have run aground or broken down in the Suez Canal over the past few years.

On May 25, a Hong Kong-flagged ship briefly blocked the canal. On March 5, a Liberia-flagged ship ran aground in the two-lane part of the waterway. Both vessels were refloated hours later.

In March 2021, the Panama-flagged Ever Given, a colossal container ship, crashed into a bank on a single-lane stretch of the canal, blocking the waterway for six days and disrupting global trade.

The canal, which opened in 1869, provides a crucial link for oil, natural gas and cargo. About 10% of world trade flows through the canal, a major source of foreign currency for the Egyptian government.

According to the Suez Canal Authority, last year 23,851 vessels passed through the waterway, compared to 20,649 vessels in 2021. The revenue from the canal in 2022 reached $8 billion, the highest in its history.


Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

Sign up for Investing Intel Newsletter