A salvage team on Monday finally dislodged the massive container ship that’s been stuck in the Suez Canal for nearly a week, clearing a path for hundreds of vessels to begin transiting the crucial waterway.

Aided by the tides, nearly a dozen tugboats refloated the 1,312-foot-long  Ever Given which slowly made its way through the canal toward the Great Bitter Lake for inspection after the ordeal. About 367 vessels were waiting to transit the canal, according to canal services firm Leth Agencies. Sixteen LNG tankers were part of the backlog, which will now take time to clear. 

“The market will soon realize that despite the positive news, even if Ever Given leaves the Canal within days, some leftover downstream ripple effects should be expected in the meantime,” said Rystad...