Suez Canal news live: Investigation begins into how Ever Given was stranded

The Suez Canal Authority (SCA) is considering giving discounts to ships delayed due to the Ever Given’s grounding.

SCA chairman Osama Rabie suggested discounts would depend on cargo size and length of stoppage.

He told a press conference late on Monday: “We need to study it in the right way because the number of ships is large, including ships that waited for one day, ships that waited for two days, and ships that waited for three days or four days — not all of them will take the same percentages.” 

Greta Thunberg has used a Suez Canal meme to take a swipe at the ‘hidden’ global trade emissions from outsourced factories.

My colleague Emily Atkinson reports:

Global shares were mostly higher on Tuesday as investors focused on causes for optimism despite a weak close on Wall Street. France’s CAC 40 gained 0.6 per cent in early trading to 6,053.59, while Germany’s DAX added nearly 0.7 per cent at 14,914.22.

Britain’s FTSE 100 added 0.5 per cent to 6,766.63. US shares were set for a slow start, with the future for the Dow industrials up 0.2 per cent at 33,098.5.

S&P 500 futures were little changed, inching down less than 0.1 per cent to 3,958.00. Japan’s benchmark edged up 0.2 per cent to finish at 29,432.70. Australia’s S&P/ASX 200 lost early gains, falling 0.9 per cent to 6,738.40.

South Korea’s Kospi added 1.1 per cent to 3,070.00. Hong Kong’s Hang Seng gained 0.8 per cent to 28,577.50, while the Shanghai Composite rose 0.6 per cent to 3,456.68.

One cause for optimism was the reopening of the Suez Canal, one of the world’s most vital waterways, after a stuck cargo ship was freed.

The chair of the Suez Canal has said 140 ships will pass through the waterway today.

Osama Rabie said 95 ships would pass by 1900 local time (1700 GMT) and a further 45 by midnight.

He also reasserting that he hoped the backlog caused by the blockage would be cleared in three to four days.

Egyptian President Abdel Fattah al-Sisi said on Tuesday that the grounding of a huge container ship in the Suez Canal had reaffirmed the importance of the waterway.

“We didn’t hope for something like this, but fate was doing its work. It showed and reaffirmed the reality and importance” of the canal, Sisi said as he greeted staff on a visit to the Suez Canal Authority in Ismailia.

A ship is seen sailing through the Suez Canal near Ismailia after the Ever Given’s freeing.

This photo from the porthole of a commercial plane that emerged a few days ago shows stranded ships waiting in a queue in the Gulf of Suez to cross the canal at its southern entrance near the Red Sea port city of Suez.

Ever Given’s owners could be fined by Suez Canal authorities, an insurer has warned.

Shoei Kisen Kaisha Ltd may also have to pay out for the assistance it received in dislodging the vessel.

“We anticipate a detailed investigation will follow which will determine the cause,” Global legal firm Clyde and Co said in a statement.

“Evidently the cause will impact upon the legal liabilities of the ship and cargo interests.”

Shoei Kisen Kaisha is covered with some $3 billion in liability insurance through 13 Protection & Indemnity Clubs.

Those clubs are not-for-profit mutual insurers used by the vast majority of global shipping firms.

Ever Given’s 25 crew members remain on board the ship and are in “good health”, the vessel’s technical managers have said.

Bernhard Schulte Shipmanagement said in a statement: “A crew of 25 Indian nationals remain aboard the vessel. They are safe, in good health, and have been working closely with all parties involved to re-float the vessel. Their hard work and tireless professionalism are greatly appreciated.”