An attempt to refloat the stranded mega-vessel blocking the Suez Canal failed, the ship's technical manager Bernhard Schulte Shipmanagement (BSM) said on Friday.
The Panama-flagged Ever Given ran aground in the narrow canal on Tuesday morning after being hit by strong winds, the charterer of the vessel, Evergreen Maritime, said.
Satellite photos distributed by the canal authority show Ever Given's bow touching the eastern wall, while its stern appears to be lodged against the western wall.
Two attempts to refloat the huge boat failed. BSM said the rescue team had confirmed that two additional tugs will arrive on March 28 to assist in refloating the Ever Given, as it approaches its fifth day blocking the vital waterway.
The canal was closed on Thursday to allow rescue teams to try to free the 400-metre, 200,000-tonne container ship.
Dutch company Smit Salvage and Japan’s Nippon Salvage have been hired to assist in the refloating.
The Ever Given is the heaviest vessel that Smit Salvage has faced in its nearly 180-year history.
Capt Nicolas Sloane, a maritime salvage expert who led the high-profile effort to salvage the cruise ship Costa Concordia in 2012, said extracting the Ever Given is "quite a challenge" and could take five days to a week.
The Suez Canal Authority did not comment on the work or give any indication of when traffic could resume.
Hundreds of ships are waiting to pass through the closed canal, with some choosing to take a much longer route around the continent of Africa.
6.3 million barrels of oil stranded
Data company Refinitiv said a further 100 boats are on their way to the closed canal. Data intelligence company Kpler said 10 crude oil tankers were awaiting entry to the canal, carrying oil and oil products from Kazakhstan, Russia, Libya, Azerbaijan and the North Sea.
At least 6.3 million barrels of oil are stranded in the canal, Kpler said.
The effect of delays has doubled shipping costs for oil-related products since the ship ran aground on Tuesday, experts said.
The blockage could cost global trade $6 billion to $10 billion a week, a study by German insurer Allianz showed on Friday.
"The problem is that the Suez Canal blockage is the straw that breaks global trade's back," the study's authors wrote.
"First, suppliers' delivery times have lengthened since the start of the year and are now longer in Europe than during the peak of the Covid-19 pandemic."
A further statement from Evergreen Marine said the costs of freeing the vessel and repair were the owner’s responsibility.
The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
On sale: now
The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
If you go
Flying
Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com
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Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
Women’s World T20, Asia Qualifier
UAE results
Beat China by 16 runs
Lost to Thailand by 10 wickets
Beat Nepal by five runs
Beat Hong Kong by eight wickets
Beat Malaysia by 34 runs
Standings (P, W, l, NR, points)
1. Thailand 5 4 0 1 9
2. UAE 5 4 1 0 8
3. Nepal 5 2 1 2 6
4. Hong Kong 5 2 2 1 5
5. Malaysia 5 1 4 0 2
6. China 5 0 5 0 0
Final
Thailand v UAE, Monday, 7am
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Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
JUDAS AND THE BLACK MESSIAH
Directed by: Shaka King
Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons
Four stars
Remaining Fixtures
Wednesday: West Indies v Scotland
Thursday: UAE v Zimbabwe
Friday: Afghanistan v Ireland
Sunday: Final
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
