The bosses of the Suez Canal say the excavator operator who helped free the Ever Given is getting his overtime pay, plus a bonus

abdullah abdel gawad ever given suez canal excavator
Abdullah Abdel-Gawad standing at his excavator, March 29.

  • The excavator driver who helped free the Ever Given ought to have been paid, Suez Canal bosses said.
  • Abdullah Abdul-Gawad, a subcontractor, earlier told Insider he was still waiting for overtime money.
  • The Suez Canal Authority said it paid, though Insider couldn’t reach Abdul-Gawad’s direct employer.
  • See more stories on Insider’s business page.

The excavator driver who shot to fame for his work dislodging the massive Ever Given container ship from the Suez Canal ought to have been paid his overtime by now, the Suez Canal Authority said.

The body, also called the SCA, released a statement saying that it believes Abdullah Abdul-Gawad has got the extra money he was duel from the grueling work helping to move the ship.

Officials at the SCA, which is owned by the Egyptian government, praised his work as “above and beyond” his obligation.

The announcement, made on Facebook last week, came after Insider interviewed Abdul-Gawad, who at the time said he had not gotten overtime pay yet. He spoke to Insider nine days after the ship had been freed.

Abdel-Gawad does not work for the SCA, but a subcontractor. He told Insider at the time that he fully expected to receive his overtime pay at some point, but noted that it was slow coming.

Insider has not been able to confirm with Abdul-Gawad’s employer whether he has now received his overtime. Abdul-Gawad declined to comment.

After the Ever Given was grounded on March 23, blocking the Suez Canal entirely, images of Abdul-Gawad’s digger trying to free it became world famous. A watching world found the sight of Abdul-Gawad’s tiny excavator next to the colossal ship appealing material for memes.

But the actual working conditions he described painted a much more serious picture – he and his colleagues could only snatched brief sleep in a nearby hut, and that he feared for his safety.

Suez canal ever given
The Ever Given, trapped in the Suez Canal, Egypt, as of Thursday March 25 2021.

The ship was freed on March 29 by the combined efforts of Abdul-Gawad’s excavations, multiple tugboats, winches, a specialized dredger – and a supermoon-powered full tide.

The SCA took a victory lap in a statement on the same day, in which its head Lt. Gen. Osama Rabie congratulated SCA workers “who achieved this heroic feat saying that they have done their patriotic duty impeccably,”

But Abdul-Gawad told Insider he felt overlooked in the triumph.

In the Facebook statement, posted April 13, the SCA urged Egyptians “not to pay attention to rumors and anonymous news,” and asked people to rely only on “official sources.”

It added: “We affirm that the employee has obtained all his due salaries/fees from his employer in addition to a bonus in recognition of his service above and beyond.”

The Ever Given remains in the Suez Canal’s Great Bitter Lake, where it has been impounded amid a major legal action launched by the Egyptian government against the ship’s owners.

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The operators of the Ever Given may be forced to unload its 18,000 cargo containers onto other ships, report says

ever given suez canal
The Ever Given, a Panama-flagged cargo ship, is seen in the Suez Canal in Egypt, on March 27, 2021.

  • The operators of the Ever Given might move its containers onto other ships, according to a report.
  • The ship is unable to deliver its goods until $1 billion in damages is paid to Egyptian authorities.
  • But transporting the containers could become a physical, legal, and logistical nightmare.
  • See more stories on Insider’s business page.

The operators of the Ever Given ship are exploring the possibility of transferring its 18,000 cargo-filled containers to other vessels as it remains stuck in legal limbo, according to a report by the Wall Street Journal.

The 224,000-ton cargo ship, which ran aground in the Suez Canal on March 23 and was freed 6 days later, still hasn’t been able to leave the Suez Canal after Egyptian authorities announced it must first pay $1 billion in damages.

But the ship’s operator, Taiwanese company Evergreen Marine Corp., is facing increasing pressure to deliver its thousands of containers – filled with everything from toilet paper to coffee and furniture – to its frustrated customers.

Read more: The 4 biggest losers of the Suez Canal fiasco – and 4 surprising winners

“Customers are asking when their boxes will be delivered after the ship seizure, and the prospect of moving the containers to other ships and delivering them to the clients in Europe is now on the table,” an unnamed source, directly involved in the matter, told the Wall Street Journal.

But any efforts to remove the 18,000, 20-foot container units from the Ever Given could become a massive physical and logistical challenge, possibly requiring officials to move the vessel, which is currently anchored in the canal’s artificial Great Bitter Lake, to the nearby city of Port Said.

“It won’t be easy to do, but there are a number of options,” the same source told Wall Street Journal. “Empty ships can be deployed to pick up boxes and some can be loaded to other container ships crossing on the same route to Europe.”

The move could also create additional legal headaches, relating mainly to claims and fees surrounding the vessel and its cargo customers.

According to the Wall Street Journal, Evergreen Marine Corp. said in a statement that it is looking into the Egyptian court order “and studying the possibility of the vessel and the cargo on board being treated separately.”

Shoei Kisen Kaisha, the ship’s owner, earlier this month filed a general-average claim against the vessel’s operators, which calls for companies with cargo on the vessel to share the risk and costs involved in the ship’s recovery.

Two maritime lawyers, Bruce Paulsen and Brian Maloney of Seward & Kissel told the Maritime Executive this week: “The seizure of the Ever Given and compensation demand for salvage and other expenses by Egypt’s canal authority escalates the complexity and cost for the numerous cargo owners with property in transit aboard the vessel.”

“Barring a settlement, those cargo owners now face additional expense and delay while the vessel’s arrest is maintained,” they added.

The ship was sailing from Asia to Europe when it got stuck in the channel, causing severe delivery delays and an epic traffic jam of roughly 400 other ships, which have since started passing through the canal again.

Evergreen hasn’t identified the customers whose shipments are on the Ever Given, although some companies, including IKEA and Germany-based supermarket ALDI, have already said they’ve been impacted.

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The US is facing a supply-chain crisis as 21 cargo ships float off the coast of LA waiting to dock

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  • 21 ships were anchored off the coast of Los Angeles and Long Beach waiting to dock on Wednesday.
  • The California ports are congested and account for about one-third of US imports.
  • The delays are just the latest in a host of supply-chain issues.
  • See more stories on Insider’s business page.

A supply-chain crisis is quietly brewing off the coast of Southern California as massive freighters wait for dock space to open up.

California ports in Los Angeles and Long Beach account for about one-third of US imports. These ports operate as a primary source of imports from China and have been heavily congested for months.

On Wednesday, 21 ships were anchored off the coast waiting for a spot to open up to unload at Los Angeles and Long Beach ports, according to data from the Marine Exchange of Southern California.

Anchorages PM 1 Jan 2021

The Southern California ports are facing more congestion than ever, Kip Louttit, executive director of the Marine Exchange of Southern California, told Insider.

“The normal number of container ships at anchor is between zero and one,” Louttit said.

Some of the container ships have been waiting off the shore for weeks. One of the vessels has been at berth since April 3. Of the ships waiting to dock, half of them are what Marine Exchange calls “mega-container ships” or ships with the carrying capacity of 10,000 TEUs.

“Part of the problem is the ships are double or triple the size of the ships we were seeing 10 or 15 years ago,” Louttit told Insider. “They take longer to unload. You need more trucks, more trains, more warehouses to put the cargo.”

The ships carry millions of dollars worth of popular imports, including furniture, auto parts, clothes, electronics, and plastics, according to data from the Port of Los Angeles. Supplies of these materials could be heavily depleted in the US due to the backlog of ships.

Read more: The Suez Canal won’t be the last supply-chain fail. Here are 4 things your small business can do to benefit from the next one.

Louttit said increases in consumer spending and, as a result, a spike in imports, have overwhelmed the ports.

“The ports are setting records moving cargo,” Louttit said.

California port backlogs are already helping drive shortages and delivery delays in the US

California’s port delays seemed to have peaked in early February but have persisted in recent months.

On January 30, Southern California port congestion hit a record high when 38 container ships were waiting along the coast for room to open up to dock and unload.

Gene Seroka, a Port of Los Angeles executive, warned the Los Angeles Board of Harbor Commissioners in February that high import levels caused by increased spending during the pandemic were driving port congestion.

A video from the US Coast Guard shows dozens of ships anchored off the coast.

California port delays are just one of many factors piling onto a global supply-chain crisis

The boats waiting outside of the port, which can carry tens of thousands of shipping containers, are adding to a global container shortage, and, as a result, shipping delays.

Customers are already seeing the impact of shipping delays. During a third-quarter earnings call in February, La-Z-Boy executives said customers should expect delivery dates that are five to nine months out from the purchase date.

February’s Texas freeze and a shortage of computer chips have already pushed companies to increase prices and delay production. Several companies including Nike, Honda, and Samsung have already said they have been hampered by supply-chain issues.

As a result of California port delays and the global container shortage, customers will likely face rising prices and limited options as commodities become increasingly difficult to obtain and produce and companies are forced to compete for containers and delivery dates.

Read the original article on Business Insider

Satellite images show the Ever Given in limbo the day before Egypt impounded it, demanding up to $900 million in compensation

suez canal ever given april 12 skitch maxar
Marked-up satellite image of the Ever Given in Suez Canal’s Great Bitter Lake as of April 12 2021.

  • Satellite images show the Ever Given on Monday, still in the Great Bitter Lake off the Suez Canal.
  • It has been declared seaworthy, but has been impounded by Egyptian authorities.
  • Egypt is demanding up to $900 million in compensation for the chaos caused when the ship was stuck.
  • See more stories on Insider’s business page.

Newly-released satellite images show the Ever Given in the Suez Canal’s Great Bitter Lake, where it is being held while a legal battle rages.

Egyptian authorities impounded the vessel Tuesday while it pursues a case against its owner – the Japanese company Shoei Kisen Kaisha Ltd.

They are reported to be seeking $900 in compensation for the chaos caused in the six days the vessel was blocking the way, costing the canal operators a vast amount on lost transit fees.

ever given suez canal maxar Mon april 12
A satellite view of the Ever Given in the Suez Canal’s Great Bitter Lake as of Monday, April 12 2021.

Lt. Gen. Osama Rabie, head of the Suez Canal Authority (SCA), told state-run television: “The vessel is now officially impounded. They do not want to pay anything,” The Guardian reported.

The Ever Given was moved to the canal’s large artificial lake on March 29, having spent the previous six days blocking the crucial maritime thoroughfare. It took the massive efforts of dredgers, excavators, tugboats and winches to shift the vast container ship from where it had been lodged since March 23.

Rabie said that its investigation into who was at fault for the grounding will be concluded Thursday, the Guardian reported. He denied any culpability on the SCA’s part, and said that “of course” the ship’s owner was at fault, the paper reported.

ever given suez canal maxar Mon april 12
A satellite view of the Ever Given in the Suez Canal’s Great Bitter Lake as of Monday, April 12 2021.

The ship’s technical managers, Bernhard Schulte Shipmanagement (BSM), said in a statement that it found the SCA’s decision to impound the Ever Given “extremely disappointing,” citing the cooperation it had offered the authority in investigating the cause of the grounding.

In early April, Shoei Kisen Kaisha filed a “general average” claim, which would share any costs between the ship’s insurers and the owners of its cargo.

General average is a principle of maritime law that means risk for damages is shared between the ship’s customers.

Maritime insurance claims attached to the grounding will ripple far beyond the one lodged by Shoei Kisen Kaisha, as the shipping journal Lloyd’s List reported. Hundreds of ships were delayed or re-routed by the grounding, throwing destination ports into disarray and causing a backlog in the flow of goods around the globe.

ever given suez canal maxar Mon april 12
A satellite view of the Ever Given in the Suez Canal’s Great Bitter Lake as of Monday, April 12 2021.

Separately, on Wednesday BSM said that an inspection of the Ever Given’s seaworthiness had concluded, finding that it was still capable of sailing.

The inspection concluded that the ship was technically able to keep moving through the canal to its northern end, Port Said.

From there, it would be inspected again to make sure it could continue to its intended destination of Rotterdam, BSM said.

However, Egypt’s decision to impound the ship means that it is unlikely to go anywhere soon despite being technically able.

Read the original article on Business Insider

2 experts explain why the company whose ship blocked the Suez Canal has seen its stock surge 28% since the incident started

Suez canal ever given
  • Evergreen Marine Corporation has rallied 28% since its Ever Given ship got stuck in the Suez Canal.
  • We spoke with two analysts who said its not unusual for freight tanker stocks to see bouts of volatility.
  • Freight tanker stocks are heavily tied to shipping rates, which have skyrocketed this year.
  • However, the canal blockage exacerbated supply and demand conditions and pushed rates higher.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

The stock price of the Taiwanese transportation company whose ship blocked the Suez Canal has soared ever since the incident that upended global trade began.

Shares of Evergreen Marine Corporation have gained 28% since March 23, the day the Ever Given ship got stuck in the Suez Canal and triggered an epic traffic jam of more than 400 ships.

Evergreen’s stock has been climbing since last summer, but saw a significant spike after the canal blockage. On the day the Ever Given got stuck, Evergreen tumbled 8% and closed at 42.75 New Taiwan dollars (NT$). Since then, it’s rallied to NT$55-the highest price in over a year-bringing Evergreen’s yearly gain to 440%.

It’s not out of the ordinary for ocean freight tanker stocks to experience volatility, as they’re heavily tied to shipping rates which tend to swing around, said Adam Scheiner, an analyst at UBS Global Wealth Management.

But shipping rates have been steadily rising as the world emerges from the pandemic, and the canal blockage only exacerbated port congestion and demand for shipping.

“The blockage in the Suez Canal just poured gasoline on this demand and price fire,” Scheiner told Insider.

Peter McNally, Third Bridge’s global sector lead for industrials, materials, and energy, told Insider that container shipping rates are up four times since the start of last year.

“This was the state of play before the Ever Given snarled global shipping traffic,” he explained.

A shortage of containers and difficulties dealing with the logistics of getting vessels in use back to Asia drove shipping rates higher throughout the year, McNally said. Additionally, the pandemic slowed air traffic and more companies turned to marine shipping to transport freight, he said.

High shipping rates will bode well for freight transportation companies, but Evergreen may be coming under pressure soon for its role in the global trade chaos.

The company could be facing a fine as large as $1 billion, though Evergreen’s president said the shipping giant is “free of responsibility from cargo delays” because “it will be covered by insurance,” according to Bloomberg.

Read the original article on Business Insider

Maersk, the world’s largest shipping company, says the Suez Canal blockage’s economic fallout will continue into second half of May

Ever given
The Ever Given container ship after it was refloated.

  • The Suez Canal blockage will continue rippling through the economy for weeks, Maersk said.
  • Effects will still be seen in the “second half of May,” an executive told The Financial Times.
  • In its latest update, Maersk said about 50 ships had been delayed for about a week.
  • See more stories on Insider’s business page.

Fallout from the Ever Given’s time lodged in the Suez Canal will “ripple” through the economy for the next few weeks or months, according to Maersk, the world’s biggest shipping company.

“We will see ripple effects continuing into the second half of May,” Lars Mikael Jensen, head of Maersk’s Global Ocean Network, told The Financial Times.

The Ever Given, which is among the world’s largest container ships, was lodged in the canal for six days, effectively closing one of the world’s most important trade routes.

The Ever Given was operated by the Taiwan-based shipping company Evergreen Group. The ship was freed on March 29.

Maersk predicted knock-on effects from the blockage. In an updated press advisory posted on Thursday, the company said it was pleased to see that the queue waiting at the canal was rapidly diminishing.

“For each day that passes we are getting a clearer picture of what this incident means for our customers,” the company said.

Maersk said about 50 ships had been delayed for about a week because of the blockage. Some of those ships waited on either end of the canal, while others were redirected around the Cape of Good Hope.

The effects of those delays will be felt in ports around the world, the company said. Its advisory warned that delays may vary by location. Busy ports and terminals may not have berths for ships arriving outside their originally scheduled windows.

The company previously said shipping backlogs may take months to unravel.

“Even when the canal gets reopened, the ripple effects on global capacity and equipment are significant and the blockage has already triggered a series of further disruptions and backlogs in global shipping that could take weeks, possibly months, to unravel,” Maersk said in a statement back when the Ever Given was still lodged in the canal.

Read the original article on Business Insider

Ever Given ship forbidden to leave the Suez Canal until its owners pay up to $1 billion in compensation for the chaos it caused

Ever given
The “Ever Given” container ship operated by the Evergreen Marine Corporation, sails through the Suez Canal.

  • The Ever Given can’t leave the Suez Canal until compensations are paid, officials said Thursday.
  • It is still unclear how much has to be paid, although it could be up to $1 billion.
  • The owner of the Ever Given said it hadn’t officially heard from Egyptian authorities yet.
  • See more stories on Insider’s business page.

While the giant Even Given container ship might have been freed from the banks of the Suez Canal, it still finds itself stuck, embroiled in a row of who should pay for dislodging it from the waterway.

Egyptian authorities said that they wouldn’t release the massive ship, which was stuck in the Suez Canal for almost a week until its owners agree to pay up to $1 billion in compensation.

“The vessel will remain here until investigations are complete and compensation is paid,” Lt. Gen. Osama Rabie, who leads the Suez Canal Authority, told a local news station on Thursday, according to the Wall Street Journal.

“We hope for a speedy agreement,” he said, adding that the “minute they agree to compensation, the vessel will be allowed to move.”

Read more: 4 ways small business owners can benefit from supply chain delays happening right now

Rabie said that Egyptian authorities would demand $1 billion to cover the costs of freeing the vessel.

The figure will cover the expense of the equipment and machinery used to clear the way, damage to the canal itself by the dredging, and compensate around 800 people who worked to release the 200,000-ton ship, Rabei said.

It will also refund the costs from the blocking of the canal, which ended up causing an epic traffic jam of more than 400 ships on either side of the channel.

Rabie did not say how exactly he arrived at that figure.

According to London-based financial firm Revenitiv, the Egyptian state lost transit fees worth $95 million because of the blockage.

suez canal plane picture
An aerial view of the Suez Canal in Egypt, taken from a commercial flight on March 27, 2021.

It is also still unclear who will pay for Egypt’s demand for compensation. Shoei Kisen Kaisha Ltd., the Japanese owner of the Ever Given, told the Wall Street Journal that it hadn’t officially heard from the Egyptian authorities.

Eric Hsieh, the president of Evergreen Marine Corp, the charterer of Ever Given, said that the company is “free of responsibility from cargo delays” because “it will be covered by insurance,” Bloomberg reported.

The 1,300-foot Ever Given made headlines on March 23 when an unexpected wind storm caused it to steer off course and get lodged in the sandbanks of the Suez Canal, disrupting global trade. It was freed six days later.

Egypt has since opened a formal investigation into how the vessel got stuck in the first place.

The ship, its cargo, and the 25-person Indian crew of sailors will remain at anchor in Egypt’s Great Bitter Lake until the investigation is over. Earlier this month, authorities told Insider that the crew of the ship is safe and will continue getting paid.

Rabie said that he would prefer to settle the matter of compensation outside of court, although he didn’t rule out a lawsuit.

“We could agree on a certain compensation, or it goes to court,” he said, according to CNBC. “If they decide to go to court, then the ship should be held.”

Read the original article on Business Insider

The US has its own supply-chain crisis brewing as dozens of cargo ships remain stuck off the coast of LA as they wait to dock

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  • 28 ships were anchored off the coast of Los Angeles and Long Beach waiting to dock on Thursday.
  • The California ports are congested and account for about one third of US imports.
  • The port delays pile on a host of supply-chain issues.
  • See more stories on Insider’s business page.

While the Suez Canal jam may have captured public attention before the cargo ship Ever Given was freed, the US is quietly facing its own supply-chain crisis as dozens of freighters float off the coast of Los Angeles, waiting for dock space to open up.

California ports in Los Angeles and Long Beach account for about one third of US imports. These ports operate as a primary source of imports from China and have been heavily congested for months.

On Thursday, 28 ships were anchored off the coast waiting for a spot to open up to unload at Los Angeles and Long Beach ports, according to data from the Marine Exchange of Southern California.

The Southern California ports are facing more congestion than ever before, Kip Louttit, executive director of the Marine Exchange of Southern California, told The Wall Street Journal.

“Under normal conditions, container ships rarely anchor,” Louttit said.

The ships carry millions of dollars worth of popular imports, including furniture, auto parts, clothes, electronics, and plastics, according to data from the Port of Los Angeles. Supplies of these materials could be heavily depleted in the US due to the backlog of ships.

Read more: The Suez Canal won’t be the last supply chain fail. Here are 4 things your small business can do to benefit from the next one.

Louttit said increases in consumer spending and, as a result, a spike in imports have overwhelmed the ports.

“The ports are setting records moving cargo,” Louttit told The Journal.

California port delays are already helping drive shortages and delivery delays in the US

California port delays seemed to have peaked in early February, but have persisted in recent months.

On January 30, Southern California port congestion hit a record high when 38 container ships were waiting along the coast for room to open up to dock and unload.

Gene Seroka, a Port of Los Angeles Executive, warned the Los Angeles Board of Harbor Commissioners in February that high import levels caused by increased spending during the pandemic were driving port congestion.

A video from the US Coast Guard shows dozens of ships anchored off the coast.

California port delays are just one of many factors piling onto a global supply-chain crisis

The boats waiting outside of the port, which can carry tens of thousands of shipping containers, are adding to the global container shortage, and, as a result, shipping delays.

Customers are already seeing the impact of shipping delays. During a third-quarter earnings call in February, La-Z-Boy executives said customers should expect delivery dates that are five to nine months out from the purchase date.

The Texas freeze, as well as a shortage of computer chips, have already pushed companies to increase prices and delay production. Several companies including Nike, Honda, and Samsung have already said they have been hampered by supply-chain issues.

As a result of California port delays and the global container shortage, customers will likely face rising prices and limited options as commodities become increasingly difficult to obtain and produce, and companies are forced to compete for containers and delivery dates.

Read the original article on Business Insider

Egypt’s first female ship captain fears for her career after she was blamed falsely for the Suez Canal blockage when she was aboard a vessel 200 miles away

ever given suez canal
Ever Given, a Panama-flagged cargo ship, that was wedged across the Suez Canal and blocking traffic in the vital waterway is seen Saturday, March 27, 2021.

  • Marwa Elselehdar is Egypt’s first female ship’s captain.
  • Online rumors and fake news headlines blamed her for the Ever Given grounding, she told the BBC.
  • Elselehdar was actually 200 miles away from the incident when it occurred.
  • See more stories on Insider’s business page.

Egypt’s first female ship’s captain was blamed for the Suez Canal blockage despite having been hundreds of miles away from the incident, she told BBC News.

Marwa Elselehdar said that she saw online rumors accusing her of being responsible for the Ever Given container ship becoming beached, the media outlet reported.

At the time of the jam, Elselehdar was working as a first mate on the Aida IV. This vessel was in Alexandria – more than 200 miles away from the site of the collision.

An investigation is underway to explain the Ever Given’s grounding, but it is clear that the 29-year-old was not to blame.

Read more: The 4 biggest losers of the Suez Canal fiasco – and 4 surprising winners

Rumors circulating online about Elselehdar’s supposed culpability were made worse by the sharing of screenshots of fake news headlines, BBC News reported.

Several social media accounts also impersonated her and spread false claims putting the blame on her, the media outlet said.

“I felt that I might be targeted maybe because I’m a successful female in this field or because I’m Egyptian, but I’m not sure,” Elselehdar told the BBC.

The young woman described how she was “shocked” when she first saw the baseless accusations on her phone.

The rumors concerned her. “I tried so hard to negate what was in the article because it was affecting my reputation and all the efforts I exerted to be where I am now,” she said in the BBC interview.

A post shared by Marwa Elselehdar💫مروة السلحدار (@marwa.elselehdar)

Elselehdar is one of the few women in the heavily male-dominated shipping industry.

In 2016, she became the youngest and first female Egyptian captain to cross the Suez Canal. A year later, she was honored by Egypt’s president during Egypt’s Women’s Day celebrations, the BBC said.

She hopes that her career, despite this unfortunate setback, inspires other women to break into the industry.

“My message to females who want to be in the maritime field is fight for what you love and not let any negativity affect you,” she told the BBC.

Read the original article on Business Insider

The epic traffic jam of 400 ships caused by the Ever Given blockage of the Suez Canal is cleared, Egyptian authorities say

suez canal ever given
Photographers take pictures of ships sailing through the Suez Canal as traffic resumes after the “Ever Given” container ship operated by the Evergreen Marine Corporation, was freed after blocking the waterway route for almost a week.

  • A shipping backlog of more than 400 ships was caused by the Ever Given blocking the Suez Canal.
  • The 61 ships that remain stranded are expected to pass through the waterway on Saturday.
  • Problems caused by the blockage could take months to resolve, the world’s biggest shipping company warned.
  • See more stories on Insider’s business page.

The shipping backlog that built up after the Ever Given container ship became lodged in the Suez Canal should come to an end on Saturday, authorities told Reuters.

The 61 remaining ships of the 422 that were left stranded after the major blockage are expected to pass through the waterway imminently, the Suez Canal Authority’s chairman, Osama Rabie, said.

Around 85 ships in total are set to pass through the canal on Saturday, he added.

Read more: The 4 biggest losers of the Suez Canal fiasco – and 4 surprising winners

Last Monday, the Egyptian president’s advisor for the canal authority told Bloomberg that it could take “around a week” to get all of the ships out of the canal’s corridor.

If the remaining ships successfully pass through the waterway on Saturday, the backlog’s end will have beaten expectations by a couple of days.

The reopening of the canal, however, will likely not mark the end of the disruption.

The world’s biggest shipping company, Maersk, warned on Monday that the shipping problems caused by the Ever Given could take months to resolve, Insider’s Sinéad Baker reported.

“Even when the canal gets reopened, the ripple effects on global capacity and equipment are significant and the blockage has already triggered a series of further disruptions and backlogs in global shipping that could take weeks, possibly months, to unravel,” Maersk said.

The 1,300-foot Ever Given container ship was stuck for about 152 hours, with the blockage’s total costs reaching an estimated $60 billion.

Rabie told local television stations that an investigation into what caused the costly jam is ongoing and will reach its conclusion next week, Reuters reported.

“The investigation is going well‮ ‬and will take two more days. Then we will announce the results,” Rabie said.

Read the original article on Business Insider