Ending Soon! Save 33% on All Access

Large Container Ship Finally Freed From Suez Canal The 224,000-ton Ever Given had been stuck at the canal for nearly a week, leaving nearly 370 vessels, and billions in trade, at a standstill.

By Justin Chan

MartinLueke | Shutterstock

A large container ship that stalled traffic at the Suez Canal for nearly a week has finally been freed, according to the AP.

On Monday, a number of tugboats worked together to capitalize on the peak of high tide and move the 224,000-ton Ever Given vessel away from the canal's bank. Dredgers had reportedly vacuumed up sand and mud from the ship's bow, as 10 tugboats pushed and pulled the Ever Given for five days.

"We pulled it off!" Peter Berdowski, CEO of Boskalis, the salvage firm that was tapped to dislodge the ship, said in a statement. "I am excited to announce that our team of experts, working in close collaboration with the Suez Canal Authority, successfully refloated the Ever Given … thereby making free passage through the Suez Canal possible again."

The Ever Given will now head toward the Great Bitter Lake — a saltwater lake in Egypt located along the canal — where it will be inspected, AP adds.

Operated by Taiwan-based shipping company Evergreen Marine Corp., the ship was carrying between Asia and Europe when it was caught in 40-knot winds and a sandstorm last Tuesday. At the time of the incident, the Ever Given had also allegedly traveled above the canal's speed limit of 8.6 knots.

As a result of the blockage, at least 367 vessels, some of which were carrying crucial oil, were left waiting to cross the canal. Last week, Lloyd's List estimated that the backup had impacted westbound traffic by nearly $5.1 billion a day and eastbound traffic by approximately $4.5 billion.

Though the container ship has now been moved, the AP notes that ship operators have yet to determine when the canal will reopen for business. The canal accounts for 10% of global trade.

Justin Chan

Entrepreneur Staff

News Writer

Justin Chan is a news writer at Entrepreneur.com. Previously, he was a trending news editor at Verizon Media, where he covered entrepreneurship, lifestyle, pop culture, and tech. He was also an assistant web editor at Architectural Record, where he wrote on architecture, travel, and design. Chan has additionally written for Forbes, Reader's Digest, Time Out New YorkHuffPost, Complex, and Mic. He is a 2013 graduate of Columbia Journalism School, where he studied magazine journalism. Follow him on Twitter at @jchan1109.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

TikTok Reportedly Laid Off a 'Large Percentage' of Employees as the App's Fate in the U.S. Remains Unclear

Laid-off TikTok employees were notified Wednesday night through Thursday morning.

Business News

Four Seasons Orlando Responds to Viral TikTok: 'There's Something Here For All Ages'

The video has amassed over 45.4 million views on TikTok.

Business News

More People Are Exploring Entrepreneurship Because of This Unexpected Reason

More new business applications were filed in 2023 than in any other year so far.

Personal Finance

This Investment Bundle Includes a Trading Course and Stock Screener Tool for $150

Approach the stock market with an increased understanding.

Growing a Business

5 Strategies to Know As You Scale Your Business

Scaling a service-based company requires a comprehensive approach that goes beyond simply increasing revenue. It requires careful planning, strategic decision-making and a deep understanding of market dynamics.