MSC Silvana VIII container ship sinks near China as Russia budget gap widens

The container ship MSC Silvana VIII has sunk near Daishan, Zhoushan, China. The 8,401 TEU vessel, owned by Proviso Corp and operated by MSC Mediterranean Shipping Co, sank following progressive flooding after grounding. The incident reportedly began when the vessel encountered complications while leaving a repair berth and was subsequently driven aground by weather associated with Typhoon Bavi. Despite multiple attempts to refloat the ship, including the removal of 3,000 tonnes of fuel, the vessel took on water in the engine room and cargo holds, eventually submerging a large section of its hull.

Separately, Russia’s budget gap has widened significantly. Although the country has seen a windfall in energy revenue due to tensions around the Strait of Hormuz, increased spending related to the war in Ukraine has outpaced these gains, leading to a sharp increase in the deficit.