The Evergreen-operated vessel, which is 399 meters long, will undergo an initial damage assessment. The ship's engines are working, and sources on the ground say the ship is completely mobile, but it has been agreed to tow it to Bitter Lake to the north.

The Suez Canal Authority (SCA) will soon be able to begin coordinating convoys to move the hundreds of ships awaiting passage at either end of the crucial waterway connecting Europe and Asia.

A total of 15 tugs were deployed in a major overnight operation to take advantage of the spring tide. Dredging around the bow area overnight had given the waterway's eastern bank an 18-meter depth, allowing the ship to float.

According to Leth Agencies, there were 367 ships waiting to transit the Suez Canal in both directions as of this morning. The number of ships transiting the canal on a regular basis was 51 last year, but the authorities have the resources to double that number.

The Ever Given's grounding on Tuesday could trigger a transit backlog that could take a week to ten days to clear. The acute pain points will be felt at subsequent ports, especially in Europe.

Maritime Business World