Optimism but concern as ship stuck in Suez

This satellite image from Maxar Technologies shows the cargo ship MV Ever Given stuck in the Suez Canal near Suez Egypt

A giant container ship remained stuck sideways in the 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 rudder was not moving and it is now moving, the propeller is working now, there was no water underneath the bow, and now there is water under it, and yesterday there was a 4-metre deviation in the bow and the stern".

With one long boat essentially causing an economic crisis, people on the internet can't help but see the amusing side - especially when a comically tiny bulldozer was sent to rescue the boat.

Speaking on Sunday to the pro-government Egyptian television channel Extra News, Rabei said Egyptian President Abdel Fattah el-Sissi had ordered the canal authority to prepare for all options, including taking containers off of the vessel. If that failed, the company would consider making the vessel lighter by removing containers, he said.

The 224,000-ton Panama-flagged Ever Given was grounded on Tuesday in the canal after losing the ability to steer amid high winds and a sandstorm, which led the SCA to announce on Thursday temporary suspension of navigation in the man-made waterway.

The ship is blocking the path of other vessels travelling in both directions across the Suez.

Based on how many vessels transit the Suez Canal on a daily basis, it could take close to two weeks to clear the existing backlog with the impact cascading up the line of vessels scheduled to arrive in the next month.

The ship disrupted the Suez Canal in the same way it disrupted the German port of Hamburg in 2019, resulting in a trade disaster.

The Oil Ministry said that fuel is being rationed to allow the basic services in Syria can continue while the Suez Canal remains blocked.

The ship's operator, the Taiwanese Evergreen Marine Corporation, said on Friday it was going to take two or three days to remove the ship from the shallows.

Before the war in 2011, the country enjoyed a relative energy freedom, but the oil minister said that in the last 10 years an estimated $91.5bn (£66.4bn) in revenue has been wiped from hydrocarbons.

About 12% of global trade, around one million barrels of oil and roughly 8% of liquefied natural gas pass through the canal each day.

The majority of the diverted tankers, which were originally destined for the Suez were now headed elsewhere, according to Kpler.

Some vessels are being rerouted to avoid the Suez Canal.

The block has not only become a worldwide concern, but also an internet sensation, with many internet users closely following every move of the ship's rescue operation. A closer look at the world's heaviest traffic jam.

According to data from Lloyd's List, the blockage is holding up an estimated $9.6bn (£7bn) of goods each day - or $400m an hour.

The Suez Canal, one of the world's busiest waterways, is an artificial sea-level waterway in Egypt connecting the Mediterranean Sea to the Red Sea.

Lloyd's List, a British shipping news journal, also noted that the Suez Canal is responsible for 10% of all global trade with around 1.9 million barrels of oil transported through it every day.

A prolonged closure could also push energy prices higher - nearly 2 million barrels of oil pass through the canal daily.

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