Suez Canal remains blocked amid efforts to free stuck vessel
March 27, 2021, 11:02 am

Suez Canal remains blocked amid efforts to free stuck vessel

Ever Given container ship is pictured in Suez Canal in this Maxar Technologies satellite image taken on March 26, 2021. (Reuters)

A giant container ship remained stuck sideways in Egypt’s Suez Canal for a fifth day Saturday, as authorities prepared to make new attempts to free the vessel and reopen a crucial east-west waterway for global shipping.

The Ever Given, a Panama-flagged ship that carries cargo between Asia and Europe, ran aground Tuesday in the narrow canal that runs between Africa and the Sinai Peninsula.

The massive vessel got stuck in a single-lane stretch of the canal, about six kilometers (3.7 miles) north of the southern entrance, near the city of Suez.

Bernhard Schulte Shipmanagement, the technical manager of the Ever Given, said an attempt Friday to free it failed. Plans were in the works to pump water from interior spaces of the vessel, and two more tugs should arrive by Sunday to join others already trying to move the massive ship, it said.

An official at the Suez Canal Authority said they were planning to make at least two attempts Saturday to free the vessel when the high tide goes down. He said the timing depends on the tide.

The official spoke on condition of anonymity because he was not authorized to brief journalists.

At least 10 tugboats were deployed to assist in refloating the vessel, according to Japanese firm Shoei Kisen KK, which owns the container ship.

Shoei Kisen President Yukito Higaki told a news conference at company headquarters in Imabari in western Japan that 10 tugboats were deployed and workers were dredging the banks and sea floor near the vessel’s bow to try to get it afloat again as the high tide starts to go out.

Shoei Kisen said in a statement Saturday the company was considering removing containers to lighten the vessel if refloating efforts fail, but that would be a difficult operation.

The White House said it has offered to help Egypt reopen the canal. “We have equipment and capacity that most countries don’t have and we’re seeing what we can do and what help we can be,” President Joe Biden told reporters Friday.

A maritime traffic jam grew to around 280 vessels Saturday outside the Suez Canal, according to canal service provider Leth Agencies.

Some vessels began changing course and dozens of ships were still en route to the waterway, according to the data firm Refinitiv.

A prolonged closure of the crucial waterway would cause delays in the global shipment chain. About 10 percent of world trade flows through the canal, which is particularly crucial for transporting oil. The closure could affect oil and gas shipments to Europe from the Middle East.

Apparently anticipating long delays, the owners of the stuck vessel diverted a sister ship, the Ever Greet, on a course around Africa instead, according to satellite data.

Others also are being diverted. The liquid natural gas carrier Pan Americas changed course in the mid-Atlantic, now aiming south to go around the southern tip of Africa, according to satellite data from MarineTraffic.com.

source: The Associated Press

Image source: Reuters

Levant

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.