FILE - In this Aug. 6, 2015 file photo, an army zodiac secures the entrance of the new section of the Suez Canal in Ismailia, Egypt. (AP Photo/Amr Nabil, File)
A bulk carrier vessel became wedged Thursday in Egypt’s Suez Canal, briefly blocking traffic in one lane of crucial global waterway, Egyptian authorities said.
The Suez Canal Authority said in a statement that the Panama-flagged Coral Crystal ran aground in a double-lane stretch of the canal, forcing the officials to redirect other vessels in the convoy to the other lane.
It said the canal’s tugboats managed to float the south-bound vessel, which carries cargo weighing 43,000 tons. The Coral Crystal then resumed its voyage, the canal said.
Officials have not said what caused the vessel to run aground.
The ship was built in 2012 with a length of nearly 225 meters (738 feet) and a width of over 32 meters (104 feet). It was en route to Port Sudan on the Red Sea, according to Traffic Marine, a vessel tracking firm.
Thursday’s incident came less than six months after the massive Panama-flagged Ever Given ran aground in the single-lane stretch of the canal. The hulking vessel blocked the canal for six days before being released in a massive salvage effort by a flotilla of tugboats.
The blockage earlier this year disrupted global shipment. About 10% of world trade flows through the canal, a pivotal source of foreign currency to Egypt. Some 19,000 vessels passed through the canal last year, according to official figures.
After the 2021 boom, IPO activity slowed down significantly, in part due to monetary policy – but things are getting moving again with tech-friendly companies like Iboutta and Rubrik making a public debut.
With an increasing demand for mental health services, one person wanted to change the therapy game. In 2017, CEO Alex Katz founded Two Chairs, a company that uses technology to match patients with the right therapist.
Not only is April Financial Literacy Month, it’s also the kickoff of the spring homebuying season. So now is the time to make sure you have a financial plan in place – and why it might not be wise for that to include buying your first home.
While the U.S. may slowly be on the path to lowering inflation (and therefore interest rates), Europe has thoroughly trounced America, putting it on the path to lower rates by this summer.
April's release of the monthly Housing Starts and Building Permits reports by the Census Bureau provides crucial insights into the construction activity in the housing market. These reports are an economic indicator, shedding light on the current state of the housing market and its broader economic impact.