The owner of a gigantic ship that brought global traffic on the Suez Canal to a halt has blamed 'strong winds' for the calamity.
Frantic rescue efforts are still under way at one of the world's most crucial waterways after the Ever Given ran aground on Tuesday, causing a massive pile-up.
About 10 tug boats were struggling to free the stricken boat that is causing a major traffic jam and had blocked the water gateway to Europe.
It's a race against time as the longer the 400-metre, 224,000-tonne vessel stays clogging the important trade route the bigger the impact on global shipments.
Taiwan's Evergreen Marine Corp, which is leasing the stricken vessel, said the owner had blamed strong winds for the disaster.
The group said the owner claimed the ship 'was suspected of being hit by a sudden strong wind, causing the hull to deviate from (the) waterway and accidentally hit the bottom.'
The Suez Canal Authority said in a statement the ship had lost the ability to steer amid 'high winds and a dust storm.'
The ship, which is owned by Japanese firm Shoei Kisen KK, could face claims from the authority for loss of revenue, as well as from other ships who became stuck in the backlog.
Marcus Baker, global head of marine and cargo at insurance broker Marsh said: "If you have a constant build-up of ships, there are massive supply chain issues."
Dozens of ships carrying crude, liquefied natural gas and retail goods were unable to sail through the canal on Wednesday, potentially disrupting supplies to global markets.
Oil analytics firm Vortexa said ten tankers carrying 13 million barrels of crude could be affected and oil prices had spiked more than 2 per cent.
If the Ever Given stayed stuck for up to 48 hours, "the impact will be limited to a gradual worsening of already very bad vessel delays", said Niels Madsen, VP of Product and Operations at Denmark-based Sea-Intelligence.
"If on the other hand, the Suez Canal remains blocked for another 3-5 days, then this will start to have very serious global ramifications," he said.
At least 30 ships were reported to be blocked to the north of the Ever Given, which was destined for the Netherlands before getting stuck, and three to the south.
Several dozen ships could also be seen grouped around both entrances to the canal.
The SCA's chairman told local media that despite the blockage, a southbound convoy was on the move and that the authority was trying to keep traffic flowing between waiting areas as best it could while salvage efforts continued.
"Once we get this boat out, then that's it, things will go back to normal. God willing, we'll be done today," Chairman Osama Rabie said.
The authority was considering compensation for delayed ships, he said.
Groundings are the most common cause of shipping incidents in the canal, with 25 in the past 10 years.
Nearly a third of all global container shipping pass through the canal each day, carrying everything from fuel to consumer goods.
The main alternative route for ships travelling between Asia and Europe, around the African cape, takes a week longer to navigate.
