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Suez officials hope massive container ship operational Saturday, can’t say when refloat will happen

The owners of the massive ship blocking the Suez Canal aim to refloat the vessel by Saturday night.

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Imagery of the Ever Given in the Suez Canal captured by the company’s WorldView-3 satellite on Saturday, March 27, 2021.

Maxar Technologies

The Suez Canal Authority hopes to have the massive ship blocking the canal back in operation by Saturday, but doesn’t know when the ship will refloat, Chairman Osama Rabie said at a press conference.

“Today, we managed to create a space with a depth of 18 meters and we believe we will be able to have the ship back into operation by today,” Rabie said.

“The soil we are working on is tough. Other negative factors were the low tide, and the strong winds in addition to the other factors which I mentioned earlier, including the weight, width and length of the stranded ship,” he added.

Rabie said that 9,000 metric tons of ballast water had been removed from the stranded ship, Ever Given, and that the vessel’s rudder and propeller had started working again.

The vessel, a 220,000-ton mega ship nearly a quarter-mile long with a 20,000 container capacity, ran aground while entering Egypt’s Suez Canal from the Red Sea.

Some reports have indicated strong winds contributed to the stranding. However, Rabie said winds were not the main factor and human or technical error may have played a role.

The ship has completely blocked the canal that is home to as much as 12% of the world’s seaborne trade and through which 50 container ships normally transit per day. The Suez Canal Authority chairman on Saturday said 321 ships are awaiting transit.

The shipping crisis, now in its fifth day, has added to anxieties over the global supply chain which had already been impacted by the coronavirus pandemic. Each day of blockage disrupts more than $9 billion worth of goods, according to Lloyd’s List, which translates to about $400 million per hour.

The owners of the massive ship blocking the Suez Canal on Friday said they aimed to refloat the vessel by Saturday night, hoping that a high tide and the further removal of sediment will finally dislodge it.

26 March 2021, Egypt, Suez: A boy observes two tugboats taking part in the refloating operation carried out to free the “Ever Given”.

picture alliance | picture alliance | Getty Images

At a press conference Friday, Yukito Higaki, the president of Shoei Kisen which owns the Ever Given, said it was aiming to free the ship “tomorrow night Japan time,” according to a translation by the Nikkei news agency.

“We are continuing work to remove sediment as of now, with additional dredging tools,” he added, while apologizing for the “great trouble and concern” that the incident has caused.

Other media reports suggest at least two attempts will be made on Saturday to free the ship using the expected high tide. Reuters reported, citing sources, that work would begin at 2:30 p.m. local time.

Bernhard Schulte Shipmanagement, the Dutch technical manager working to free the Ever Given, said there have been no reports of pollution or cargo damage, and initial investigations rule out any mechanical or engine failure as a cause of the grounding.

“All 25 crew are safe and accounted for and they remain in good health and spirits. All crew are Indian nationals and remain onboard,” BSM said in a statement.

“They are working closely with all parties involved to re-float the vessel. The hard work and tireless professionalism of the Master and crew is greatly appreciated.”

Some ship operators have already decided to re-route their vessels around Africa, anticipating that the Ever Given won’t be dislodged soon.

Oil and natural gas prices have risen due to the blockage, but some economists believe the impact will be short lived.

“While there may be a temporary boost to commodity prices as freight is disrupted and ships are forced to divert around Africa, we don’t foresee any long-lasting implications. Countries will source commodities from elsewhere or draw down stocks until the canal re-opens,” the commodities team at Capital Economics said in a research note on Friday.

Close up imagery of the dredging operations underway around the Ever Given in the Suez Canal, captured by the company’s WorldView-3 satellite on Saturday, March 27, 2021.

Maxar Technologies

—CNBC’s Natasha Turak, Pippa Stevens and Hannah Miao contributed to this article.

Source: https://www.cnbc.com/2021/03/27/suez-canal-ever-given-owners-in-new-attempt-to-free-ship.html

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Source: https://www.cnbc.com/earnings/

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Stitch Fix shares surge as online styling service reports surprise profit

Stitch Fix shares jumped after the online shopping and styling service reported a surprise profit for its fiscal fourth quarter.

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The Stitch Fix application for download in the Apple App Store on a smartphone arranged in Hastings-on-Hudson, New York, U.S., on Saturday, June 5, 2021. Stitch Fix Inc. is scheduled to release earning on June 7.

Tiffany Hagler-Geard | Bloomberg | Getty Images

Stitch Fix shares jumped 14% in extended trading Tuesday after the online shopping and styling service reported a surprise profit for its fiscal fourth quarter.

Sales for the three-month period ended July 31 also came in higher than analysts were expecting, thanks to outsized growth in Stitch Fix’s women’s and kids’ categories. Menswear has been growing more slowly, the company said.

Consumers have been splurging on new outfits in recent months, as many head back to school and return to social gatherings. Some have also citied the need for new clothes after either gaining or losing weight during the Covid pandemic.

Here’s how Stitch Fix did compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: 19 cents vs. a loss of 13 cents expected
  • Revenue: $571.2 million vs. $548 million expected

Net income attributable to shareholders was $28 million, or 19 cents per share, in the latest period. A year ago, it posted a net loss of $44.5 million, or 44 cents a share. Analysts had been looking for the company to book a loss of 13 cents per share.

Revenue grew to $571.2 million from $443.4 million a year earlier. That was better than analysts’ expectations for $548 million.

Stitch Fix reported nearly 4.2 million active clients, up 18% from a year earlier. The company said net revenue per active client was $505, surpassing the $500 threshold for the first time ever. Customers have been purchasing more items to keep at home, Stitch Fix said, as they have more brands and price points to choose from.

Stitch Fix defines active clients as people who either ordered a “Fix” subscription or bought an item directly from its website in the preceding 52 weeks from the final day of the quarter.

The company also said it had its lowest ever churn rate at the end of the period, meaning its customers are sticking around.

Last month, Stitch Fix finally opened up its direct-buy option, which is now known as “Freestyle,” to the public. This allows people to shop Stitch Fix for individual items of clothing, without needing to sign up for a subscription.

CEO Elizabeth Spaulding said this should help Stitch Fix grow its addressable market in the year ahead. The company’s next initiative will be to market and raise broader awareness around the offering, she said. Stitch Fix is preparing to roll out a national advertising campaign on the debut.

Early indications are that “Freestyle” is meaningfully accretive to the company’s revenue per active client metric, Spaulding told analysts on a conference call.

“Clients have agency, flexibility and choice while also experiencing a highly personalized shopping experience,” Spaulding said.

For its fiscal first quarter, Stitch Fix said it sees sales in a range of $560 million to $575 million. That’s below analysts’ expectations for $588 million.

For the upcoming fiscal year, Stitch Fix anticipates sales rising 15% or more from the prior year. Analysts polled by Refinitiv had been looking for an 18% increase.

While the entire retail industry is working through supply chain complications, Stitch Fix said it is seeing a small impact, but nothing that will hurt the business in the fall and winter months. The company said it is less reliant on Vietnam, where manufacturing has largely come to a standstill due to ongoing pandemic lockdowns in the region.

As of Tuesday’s market close, Stitch Fix shares have fallen nearly 39% this year. The company has a market cap of $3.8 billion.

Find the full press release from Stitch Fix here.

Sales for the three-month period ended July 31 also came in higher than analysts were expecting, thanks to outsized growth in Stitch Fix’s women’s and kids’ categories. Menswear has been growing more slowly, the company said.

Source: https://www.cnbc.com/2021/09/21/stitch-fix-sfix-q4-2021-earnings.html

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Earnings

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© 2021 CNBC LLC. All Rights Reserved. A Division of NBCUniversal

Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

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Data also provided by Reuters

Source: https://www.cnbc.com/earnings/

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