Optimism but concern as megaship still stuck in Suez

Hope rose on Sunday that salvage efforts could free a mammoth container ship that has blocked the Suez Canal for six days, crippling international trade and costing the global economy billions.

As extra boats head to help salvage efforts, experts are pinning hopes on a Sunday evening high tide to help dislodge the craft. Two tugboats -- the Italian-flagged Carlo Magno and the Dutch-flagged Alp Guard -- were steaming towards the vital waterway to help salvage operations, the MarineTraffic and VesselFinder ship-tracking websites said Sunday.

The MV Ever Given, which is longer than four football fields and towers over nearby palm trees and fields, has been wedged diagonally across the canal since Tuesday, blocking it in both directions.

The crisis has forced companies to choose between waiting or rerouting vessels around Africa, adding 9,000 kilometres (5,500 miles) and over a week to the trip between Asia and Europe, as well as vastly increased fuel costs.

Richard Meade, an editor at shipping data and news company Lloyd’s List, said sources "close to the salvage operation" had told him optimism was rising "and they were hoping that the vessel could be moved within the next 24-48 hours".

Each day of the blockade could be costing global trade some $6-10 billion, according to a study published Friday by German insurer Allianz. That translates to some 0.2 to 0.4 percentage points of annual trade growth each week.

And with billions of dollars-worth of cargo now stalled at either end of the Suez Canal, many operators have already made alternative plans. Suez Canal Authority (SCA) chief Osama Rabie had told reporters on Saturday that the megaship could be afloat by Sunday night, depending on how it responds to the high tides.

He also told an Egyptian news channel the ship had moved from side to side for the first time late Saturday. "It is a good sign," he said, adding that 14 tugboats were deployed around the stricken vessel and salvage crews were working round the clock.