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Original Caption: Suez Canal Ship Owner May Face Hundreds of Millions of Dollars in “Stuck” Claim
All reporters Li Menglin Tan Yuhan All editors Tan Yuhan
Last week, the Suez Canal, one of the world’s busiest waterways, ushered in the worst “traffic jam” in history: the giant 400-meter-long “Changci” freighter stranded hundreds of freighters.
It has been more than 6 days since the ultra-large container ship “Long Give” blocked the Suez Canal, and dredging work is in full swing. As a key artery of Asia-Europe shipping, the continued blockade of the Suez Canal is sure to have a major impact on the global supply chain.
The accidental blockade of the Suez Canal has also worsened global trade that has been affected by the epidemic, and the global supply of various commodities such as oil and natural gas may be affected. What impact will this accident have? In this regard, the “Daily Business News” reporter connected with analysts at the Simpson Spence Young shipping brokerage firm and the Third Bridge global investment consulting firm to discuss.
321 ships waiting to pass
According to Agence France-Presse, the US government said on March 26 that it had proposed assistance to Egypt. Once the Egyptian government issues a formal request, the US will dispatch naval experts stationed in the Persian Gulf country Bahrain to support as early as the 27th.
On March 23, the Long Ci sailed from Yantian, Shenzhen, to Rotterdam, the Netherlands. Upon entering the Suez Canal from the north of the Red Sea, due to strong winds and sandstorms, the hull became horizontally stuck in the Suez Canal and was unable to move. This huge ship is 400 meters long, almost the height of the Empire State Building in New York. It is 59 meters wide and weighs 200,000 tons. It can transport more than 20,000 containers. It is one of the largest deep-sea ships in the world.
The sheer size means that rescue work will be very difficult. In an interview with the executive director of the Dutch TV station Boskalis, Peter Berdowski, he compared the operation to rescue a giant whale stranded on the beach: “Depending on the situation, we cannot rule out the possibility that it will take several weeks.” SMIT Salvage, an experienced sea rescue team under Boskalis, is one of two rescue teams involved in the rescue. Previously, many people in the shipping industry predicted that it would only take a few days to resume travel.
Bernhard Schulte Shipmanagement, the Long Grant’s technical operator, told the “Daily Business News” reporter that the current focus of SMIT Salvage’s work is to remove sand and silt from the ship’s bow. A large suction dredger capable of extracting 2,000 cubic meters of sand per hour arrived at the site on March 25. The Suez Canal Authority speculates that it needs to remove 15,000 to 20,000 cubic meters of sediment to restore the giant ship’s ability to move, a volume roughly equivalent to eight Olympic swimming pools.
Members of the SMIT Salvage team involved in the rescue said that on March 28, two other large tugs will arrive on site to participate in the rescue. Previously, the Suez Canal Authority sent several tugs, dredgers and excavators to rescue them, but with little success.
Berdowski said it may be necessary to unload containers, water and oil from the ship in addition to dragging the sand to reduce the ship’s weight. However, both sides of the stranded ship are deserted, equipment is missing and the hull is too high, container unloading is not easy and time consuming.
In addition to rescue work, the outside world hopes the rising tides will help Long Give’s progress. “The peak of the tide will start around March 27. This is the best opportunity to rescue the stranded ship.” Toby Dunipace, head of natural gas for shipping brokerage firm Simpson Spence Young (hereinafter “SSY”) reporter for “Daily Economic News.”
According to the Xinhua news agency, the president of Egypt’s Suez Canal Authority, Usama Rabie, said on the 27th that Egypt has formulated multiple rescue plans for freighters that have been stranded in the Suez Canal. Rabia told a press conference held in the province of Suez, Egypt that day that Egypt has formulated multiple rescue plans and that 14 tugs are currently conducting multi-directional rescue operations from stranded freighters. Due to the enormous size and cargo capacity of the freighter, coupled with the shallow water level at the shore connection, it is still impossible to know when the rescue will end. He said that once the rescue is complete, the specific reasons that led to the grounding of the freighter will be investigated. Rabie said there are currently 321 ships waiting on the north and south sides of the Suez Canal, and the Egyptian side has provided them with the necessary logistics services.
According to a report by “Egypt Today”, on the 27th local time, the Suez Canal was stranded and the freighter “Long Give” began to move. The ship had moved 17 meters to the north. There were positive signs that Due to the high tide that day, the ship had moved and will soon float again. Rescuers have reportedly been able to move the stern and make the rudder and propeller work successfully. Osama, head of the Suez Canal Authority, said: “The stern has started to move. This is a positive sign.” He added that the cause of the accident is “under investigation,” adding that human error cannot be ruled out.
If congestion continues, the impact will be greater
According to a Reuters report, the daily volume of cargo transported through the Suez Canal represents approximately 30% of the total volume of container transport globally, and the daily volume of cargo passing through the Suez Canal represents approximately 12 % of the world total. trade volume.
If the waterway is impassable for a long time, it will inevitably have an impact on global maritime trade, especially the bulk supply chain. “Daily Economic News” connected with shipping brokerage firm SSY and analysts at global investment consulting firm Third Bridge to conduct the analysis.
Peter McNally, Global Director of Materials and Energy, Gaolin Industrial, said: “Due to the current situation in the Suez Canal, the supply of crude oil has not been continuously disrupted. The temporary congestion of the canal will only cause oil stocks to There are currently approximately 3 billion barrels of oil and refined oil reserves in the OECD, and several tankers with several million barrels of oil are unlikely to have a lasting impact. “
However, Peter McNally further stated, “The biggest problem facing the crude oil market in the near future is the demand side. We are in the ‘half season’ of demand, and now most parts of the world have reduced the demand for fuel. If this happens for a few weeks or months, problems will arise. “
Claire Gleason, senior director of the research department of the tanker SSY, believes that “the tanker Suez (the largest navigable vessel in the Suez Canal, with a cargo capacity of 150,000 to 160,000 tons) could be seriously affected. The current rate is already on The increase and prolonged congestion will affect the balance of supply of ships of this class. After completing the journey to the east, some Suez-type tankers will turn north along the canal to transport cargo from the Black Sea and the Mediterranean region to Asia again. Continued congestion will affect the supply balance of ships in this class. This travel chain has a major impact. If the blockade lasts a long time, the time it takes for tankers to navigate the Cape of Good Hope will increase significantly (from the Gulf of Good Hope to Rotterdam, it will be 20 days later than the route through the Suez Canal). It will affect the replenishment of oil tanker capacity, thus increasing rates. “
SSY Natural Gas Director Toby Dunipuses said the current blockage of the Suez Canal has a relatively small impact on LNG transportation. The most common LNG transportation route through the Suez Canal is from the Persian Gulf to northwestern Europe. The two-day delay may be exceeded Increase your browsing speed to compensate. However, if long-term travel is not allowed to resume with recent high tides, it can cause long-term effects.
According to Derek Langston, head of research at SSY, the impact on commodities isn’t just oil and natural gas. Many dry bulk shipments also enter major Asian markets through the Suez Canal, including grains from the Black Sea region and Europe, and coal. from the Black Sea region and iron ore and fertilizers from the Baltic region. In addition, coal and petroleum coke transported from the United States to India also pass through the Suez Canal. SSY estimates that in the Black Sea region alone, 40 million tonnes of grain were shipped to the Middle East, South Asia, Southeast Asia and East Africa through the Suez Canal last year.
Due to the provisions of the lease, the responsibility for the paralysis of the Suez Canal should reportedly be the responsibility of the shipowner’s steamship Masei. So far, all parties have estimated that the potential accumulated claims costs have reached more than 100 million US dollars (about 650 million yuan). (The content of the above interview only represents the personal opinions of the interviewee, it does not represent the position of the Daily Economic News nor does it constitute investment advice)
Note: this article has been revised
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