Suez blockage sets shipping rates racing, oil and gas tankers diverted away

Reeling from the blockage in the Suez Canal, shipping rates for oil product tankers have nearly doubled this week, and several vessels were diverted away from the vital waterway as a giant container ship remained wedged between both banks.

The 400 metre (430 yard) long Ever Given has been stuck in the canal since Tuesday and efforts are under way to free the vessel although the process may take weeks amid bad weather.

Shoei Kisen, its Japanese owner, denied a news report that it aimed to dislodge it by Saturday night, saying refloating efforts were ongoing. Separately, the Suez Canal Authority said it welcomed a U.S. offer to help.