A tugboat sank in the Suez Canal after colliding on Saturday with a Hong Kong-flagged tanker, according to the authorities responsible for the crucial waterway. A search team was able to locate the wreckage shortly after.

Out of the seven crew members on the tugboat, six were rescued, but one crew member remains missing, and efforts to find the missing member are ongoing.

The collision did not significantly disrupt southbound vessels, although northbound traffic experienced a brief interruption.

The tanker involved in the incident was the Hong Kong-flagged LPG tanker Chinagas Legend, which was en route from Singapore to the United States, carrying 52,000 tonnes of liquefied petroleum gas.

Such incidents causing temporary disruptions in the Suez Canal are not uncommon, given its importance in facilitating around 10% of global maritime trade.

In March 2021, the Ever Given, a giant container ship, caused a week-long stoppage in Suez traffic when it became stuck diagonally in the waterway.

This disruption resulted in billions of dollars in shipping delays, with Egypt suffering substantial losses of approximately $12 million to $15 million for each day of the canal's closure.

The Suez Canal holds significant economic significance for Egypt, as it serves as a crucial source of foreign currency, generating approximately $8 billion in transit fees in 2022.

In June, three tugboats were sent to tow an oil tanker that suffered a machine malfunction as it was crossing the Suez Canal en route from Russia to China, Suez Canal Authority said on Sunday.

Traffic in both directions returned to normal after a brief disruption, a statement later confirmed.

Three tugboats "successfully towed and moored the ship" at a shipyard where the technical fault will be fixed before the tanker "resumes its crossing," according to a statement.

Brief disruptions caused by ships breaking down or running aground are common in the waterway, through which about 10% of global maritime trade passes. 

The Suez Canal, which connects the Mediterranean and Red seas, carries about 10% of global trade, including 7% of global oil. It was first opened in 1869 and provides Egypt with both national pride and foreign currency. The unprecedented 2021 revenues came as the shipping industry was still reeling from the effects of a two-year coronavirus pandemic.