[ferro-alloys.com]

  According to a number of media reports, the rescue work for the ever given giant container freighter stranded in the Suez Canal has been suspended and is expected to resume in the morning of Thursday, Egypt local time. At that time, foreign rescue teams will enter the site with heavy machinery.

  Inchcape, a freight service company, said the source was from the Suez Canal Authority, during which time the dredgers will continue to work to try to improve the condition of the ship's lock up.

  According to media reports, an elite Dutch rescue team will arrive at the scene with heavy equipment on Thursday to try to move the cargo ship "longer than the Eiffel Tower" out of the canal. Affected by this, the traffic artery connecting 12% of the global goods trade will continue to be closed. At present, nearly 200 cargo ships are blocked at both ends of the canal. The Suez Canal Authority has not yet given the specific expected navigation time.

  It is reported that there are a large number of bulk carriers, container ships and oil or chemical ships waiting for passage. The most intuitive reaction in the capital market is that the international oil price rose by nearly 6% on Wednesday after falling more than 6% on the previous day due to the rebound of the epidemic.

  On the cause of the ship's grounding, the Suez Canal Authority said the accident occurred on Tuesday morning when ever given lost "the power to drive the ship forward" under the influence of a 40 knot sandstorm.

• [Editor:Catherine Ren]