Rescuers say container ship stuck in Suez could take weeks to unblock

• “The more secure the ship is, the longer an operation will take,” said Peter Berdowski, CEO of Boskalis, a company involved in the rescue, according to FT. “It can take days to weeks. Bringing in all the equipment we need, that’s not around the corner.”
• SMIT Salvage BV, an elite ship dislodging company, and Japan's Nippon Salvage Co. have also been tapped for the rescue effort, according to Bloomberg. The rescuers may have to lighten the ship by removing fuel or water meant to keep it steady while at sea.

Why it matters: The Suez Canal accounts for approximately 30% of container shipping volumes, and blocking it even for a short amount of time will cause oil prices to rise.

• About 100 ships are stuck in the canal waiting to pass through, carrying cargo worth almost $10 billion in oil and consumer goods.