Cargo ship blocks Suez canal
The Suez Canal was blocked for three hours Saturday by a cargo ship which broke down in Egypt's economically vital waterway, an official of the canal's authority said.
He told AFP that traffic was halted when Red Seto, a Panama-flagged ship loaded with 41,000 tonnes of goods, had mechanical problems near Suez on its way south to the Red Sea.
Tugboats were sent to move the cargo ship, as a line of at least eight other vessels built up behind the Red Seto.
The Suez is the third largest source of foreign revenue for Egypt after tourism and remittances from workers abroad.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.