Impacts of the Suez Canal Blockade (Part II)

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The blockage of the Suez Canal has wreaked havoc on world maritime trade, today we bring you the second part of the impacts caused by the grounding of the ship Ever Given
White House sees energy impacts

The White House is concerned about the impact on global energy, said Press Secretary Jen Psaki, who added that the Biden administration is monitoring market conditions.

“We see some potential impacts on energy markets,” she added.

Earlier, a White House National Security Council spokesman said the U.S. government had offered to help Egypt remove the grounded ship, the Ever Given.

Wind turbine projects delayed

Germany’s Enercon expects delays in wind turbine components from Europe to projects in Asia, according to a company spokesman. The wind turbine manufacturer also sees risks of congestion at ports once ships detained in the Suez Canal reach their destinations. Enercon is examining to what extent the problem will affect its supply chains.

Possible delays in North Sea crude oil cargoes

At least seven supertankers are expected to load North Sea crude in April, and two or three of them are likely to face delays due to the blockage in the Suez Canal, according to tanker accessory reports.

Rising tanker stocks

With detour starting to emerge, oil company shares soared. Frontline Ltd. jumped as much as 11% in Oslo, the biggest intraday gain since September. Other owners were also jumping: Euronav NV rose as much as 7%, while DHT Holdings Inc. also climbed 7% and International Seaways Inc. added as much as 6.4%. It comes as the prospect of ships taking the longer route around the southern tip of Africa boosts the chances of higher profits for shipping.

U.K. retailers say the impact is manageable

Dixons Carphone Plc has a small number of containers on the Ever Given ship ashore, but “we do not believe this will cause any significant disruption to our stock levels,” the company said in an e-mailed statement. While some U.K. grocery stores report small amounts of stock stuck both on the Ever Given and on some container ships behind it, the products are mostly general merchandise and clothing that is less time-sensitive such as perishable foods.

Tugs are preparing to test and tow Ever Given

Tugs are tying up at Ever Given to attempt to tow the container ship, according to Inchcape Shipping Services, a maritime services provider. Suez Canal Authority dredgers were previously being used to clear sand, the firm said.

Several ships in Indian Ocean take detour

Several ships in the Indian Ocean, initially bound for the Suez Canal, have changed course away from the waterway after it became blocked. The vessels include container ships Ever Greet, HMM Stockholm and OOCL UK; vehicle carrier Morning Calm; and freighter Angelic.

U.S.-Asia naphtha arbitration on Suez Canal blockade opens: BNEF

U.S. Gulf Coast naphtha arbitration to East Asia has been opened as naphtha shipments from key exporters such as Russia and Algeria were delayed by the blockade in the Suez Canal.

North Sea cargo tanker delayed by a week

The Supertanker Olympic Lady is expected to arrive in the North Sea for planned loading around April 26-30, about a week late, amid the blockade in the Suez Canal, according to a person familiar with the matter.

Originally, the Very Large Crude Carrier was intended to use the canal to reach the North Sea for its cargo around April 20 to 25.

Tanker rates rise

Freight rates increased by 20% for large tankers known as LR2s traveling from the Mediterranean in mid-April, according to Torm A/S, one of the world’s largest tanker owners.

The market is reacting to uncertainty over the duration of the Suez Canal logjam, he said. “We are offering several pricing options to pass through South Africa.”

Source Bloomberg

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