The Securities and Commodities Authority said the tug rescue efforts had succeeded in changing the bow and the aft of the ship.

Lieutenant General Osama Rabie, head of the authority, said, “The position of the ship was reoriented by 80% in the right direction.”

“The stern … has moved 102 meters (335 feet) offshore,” compared to its location four meters offshore previously.

He added that at least 369 ships were waiting to cross the canal, including dozens of container ships, bulk carriers, oil tankers, LNG vessels or LPG vessels.

“The captain of the ship is responsible for the ship at all times,” he told Egyptian state television. “It is very likely that shipping activities will resume by noon today, God willing. We will not waste a second.”

However, the impact of global trade is likely to remain significant.

Shipping companies have already started Diversion of ships around the Cape of Good Hope in South Africa, Which adds up to 10 days to their journeys, while both deliveries from Asia to Europe and North America and the return of the empty containers to Asia have been postponed.

Maersk, the Danish container line, said the disruption to supply chains could last for several months due to “ripple effects”.

“Every day the canal remains closed, cascading impacts on global capacity and equipment continue to increase and the blockage leads to a series of disruptions and build-ups in global shipping that could take months to unravel, even after the canal reopens,” the company said.