Reuters has reported the stranded container ship Ever Given has almost been completely floated and will require further inspections before the ship starts to move.
After almost a week of high oil prices, news of the ship’s movement has sent oil prices 2% lower on Monday. However, hundreds of other container ships and oil tankers remain backed up at both ends of the Suez Canal.
Furthermore, Bloomberg reported although the ship has been refloated, it was yet unclear how soon the key trade transit point would be open to traffic.
Suez Canal Authority said on Sunday that 369 vessels were waiting to pass through.