Ismaïlia

A Greek-owned cargo ship carrying corn that went aground early on Monday in the Suez Canal was refloated and traffic through the crucial waterway was restored, Egyptian authorities said.

The megaship which blocked Egypt's Suez Canal and crippled world trade for nearly a week has been "seized" on court orders until the vessel's owners pay $900 million, canal authorities said on April 13.

A container ship crosses the Gulf of Suez towards the Red Sea, before entering the Suez Canal, as fishermen work on their nets, near Ismailia port city, northeast of Cairo, Egypt on Oct. 31. (REUTERS / Amr Abdallah Dalsh)

Egypt plans to build a new Suez Canal alongside the existing 145-year-old historic waterway in a multi-billion dollar project aimed at expanding trade along the fastest shipping route between Europe and Asia.