Sri Lanka testing for oil in waters near stricken cargo ship

Friday, June 11, 2021 | Bharatha Mallawarachi, Associated Press


This satellite image provided by Planet Labs Inc. shows a sinking ship, the Singapore-flagged MV X-Press Pearl, with the oil leak line in the Laccadive Sea off Sri Lanka Monday, June 7, 2021. (Planet Labs Inc. via AP)

COLOMBO, Sri Lanka (AP) — Sri Lankan authorities have taken water samples to try to determine whether a fire-ravaged cargo ship slowly sinking off the coast is leaking oil, officials said Friday.

Results of the tests taken Thursday by the Marine Environment Protection Authority are still pending, the country's environment minister said.

The tests were prompted by satellite images from Planet Labs Inc. that showed a substance that could be oil in the water near the Singapore-flagged MV X-Press Pearl, which was devastated by a nearly two-week fire before it started sinking last week.

The fire destroyed most of the ship’s cargo, which included 25 tons of nitric acid and other chemicals. However, debris including burned fiberglass and tons of plastic pellets have already polluted nearby beaches and there are concerns that a spill of remaining chemicals and oil on the ship could devastate marine life.

The ship’s operator X-Press Feeders said in a statement Thursday night that “a grey sheen has been observed emanating from the vessel, and water samples are currently being tested.”

Nalaka Godahewa, state minister in charge of coast conservation, said in a tweet Thursday that the satellite “imagery could be misleading” and that both the Sri Lankan and Indian navy had confirmed to him that there was no large oil spill.

The fire erupted on May 20 when the ship was anchored about 9.5 nautical miles (18 kilometers) northwest of Colombo and waiting to enter the Sri Lanka's main port. The navy believes the blaze was caused by its chemical cargo.

The fire burned for 12 days before being extinguished last week. It then started sinking and attempts to tow it into deeper waters failed when the ship's stern sank to the seabed.

The ship remains partly submerged in waters about 21 meters (70 feet) deep.

A Colombo court has banned the ship's captain, chief engineer and assistant engineer from leaving the country. The government has said it will take legal action against the owners of the ship to obtain compensation.

Featured Article: What is Elliott Wave theory?


7 Electric Vehicle (EV) Stocks That Are Ready to Rebound

The electric vehicle (EV) sector was nearly as frothy as the “pandemic stocks” in 2020. It wasn’t that the EV sector was dormant during the Trump administration.

But, as the saying goes, elections have consequences. And Wall Street understands they can make money in any administration. And as a bet that Joe Biden would win the presidency, electric vehicle stocks soared.

For starters, the Biden administration has already said it will prioritize climate change like no administration ever has. And one way they are going to do that is to incentivize the production and purchase of electric vehicles.

And to take advantage of this shift towards electric vehicle stocks, many private companies raced to get in on the action. The preferred way for many of these companies to go public was via a Special Purpose Acquisition Company (SPAC). A SPAC is basically a shortcut to the traditional IPO process.

However, what goes up frequently goes down and since late February, EV stocks have been getting battered. But this is creating an opportunity because the electric vehicle is still supposed to see exceptional growth over the next five years.

To help you take advantage of this we’ve created this special presentation that includes seven stocks that appear to be ready to take the next leg up.

View the "7 Electric Vehicle (EV) Stocks That Are Ready to Rebound ".


MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research.