Cargo ship refloated successfully after ‘simple malfunction’ in Egypt’s Suez Canal

CAIRO – 9 January 2023: Egypt’s Suez Canal Authority said, Monday that ‘Glory’ Cargo ship has been refloated successfully after ‘simple malfunction’ did not affect the navigational movement at the strategic waterway.

In a televised statement, Monday Chairman Osama Rabie denied that ‘Glory’ cargo ship ran aground as he confirmed that it’s a ‘simple’ malfunction in the ship itself.

Sources told Al Qahera news channel, Monday morning that a cargo ship has been ran aground, however shortly after, the ship was towed by tugboats.

Rabie confirmed in his statements that the malfunction was very simple and that the canal is always ready and equipped to face similar problems.

Last December, Egypt’s House of Representatives approved in principle to a draft law presented by the government on amending some articles of Law 30 of 1975 on the Suez Canal Authority system.

The approval came during a session under Speaker Hanafi Gebali.

The amendment aims at establishing a fund belonging to the authority and increasing its capabilities to contribute to achieving sustainable economic development and make use of the fund's money as well as enabling the fund to purchase, sell, hire and exploit assets in the best way.

The amendment also aims at enabling the authority to deal with crises and emergency conditions resulting from exceptional circumstances and bad economic conditions.

It also aims at enabling the authority to perform its economic and investment activities and increase its capital and investments in securities.

And according to the text of Article 43 of the Constitution, the state is committed to protecting, developing, and preserving the Suez Canal as an international waterway owned by it, and obliges it to develop the canal sector, as it is a distinguished economic center.

The approval report of the law indicated that in light of the current economic conditions the world is witnessing, and given the challenges facing the Suez Canal including the decline in global trade rates as an impact of the repercussions of the Corona virus, and the fluctuation of crude oil prices and its repercussions on the costs of shipping various commodities and goods, it has become important to develop the facility [Suez Canal].