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Suez Canal Officials Have Flashbacks after Cargo Ship Gets Stuck

A cargo vessel carrying Ukrainian grain briefly ran aground in the Suez Canal before being refloated and towed away, according to the Egyptian authority running the vital waterway. The incident involving the 225-metre Marshall Islands-registered M/V Glory had sparked fears of a repeat of a blockage in 2021, when the large container ship Ever Given became diagonally wedged in the canal. That week-long closure of the human-made waterway linking Asia and Europe cost billions of dollars through shipping delays. An employee of the Suez Canal Authority (SCA) died while attempting to free the mega-ship. The SCA chief, Osama Rabie, gave the all-clear on Monday, adding that traffic was moving normally on the Suez Canal after the authority had mobilised four tugboats to tow the ship, allowing it to resume its journey. Smooth traffic through the canal is crucial for Egypt, which has been battered by an economic crisis during which its currency has lost 75% of its value in less than a year. The waterway, used for about 10% of the world’s maritime trade, is one of the country’s main sources of foreign currency revenue, bringing in more than $7bn a year.