Suez Canal

The immediate consequence has already started to reflect in the form of a surge in the insurance costs for vessels transiting through the Suez Canal and the Red Sea.

The violence has scared off merchants, with oil giant BP joining container shipping company Maersk in rerouting transits away from the Red Sea. The redirected transits could force vessels to take a much longer hike around Africa and dent the pace of commercial shipping.

Russia dispatched cargo to India via Iran on Saturday, employing the International North-South Transport Corridor.

Meanwhile, the Taiwan-based Evergreen Marine Corp had hired divers to inspect the vessel for possible damages and help in refloating the 'Ever Forward'.

Ever Given, the ship that got stuck, was the world's most talked about ship this year.

After demanding 916 USD initially, the canal authorities had later lowered the demand amount to 550 million. A final settlement is expected to be reached soon.

The Indian Crew onboard Ever Given ship may face legal action by the Suez Canal authorities, says a TOI report.

The 400-metre (430-yard) long Ever Given was successfully re-floated at 4.30 am local time (0230 GMT) and was being secured, Inchcape, a global provider of marine services, said on Twitter.

It took eight years, two wars and external pressure from prominent nations to end an eight-years-long traffic jam at Suez Lake

The ship was on its way from China to Rotterdam, Netherlands, when it ran aground in the Suez Canal after being reportedly hit by a strong "gust of wind"