News of a blockage on the Suez Canal shipping trade route came on Tuesday, March 23rd as a Japanese-owned Ever Given cargo ship operated by a Taiwanese company, Evergreen Marine got stucked sideways across the canal.
According to shipping data, the stranded Ever Given mega-container ship in the Suez Canal is holding up an estimated $9.6bn (£7bn) of goods each day.
This works out at $400m an hour in trade along the waterway which is a vital passageway between east and west.
Data from shipping expert Lloyd’s List values the canal’s westbound traffic at roughly $5.1bn a day, and eastbound daily traffic at around $4.5bn.
Despite efforts to free the ship that is said to be the length of four football pitches and one of the world’s biggest container vessels, it could take weeks to remove experts say.
The Suez canal, which separates Africa from the Middle East and Asia, is one of the busiest trade routes in the world, with about 12% of total global trade moving through it.
According to Lloyd’s List tracking data there are more than 160 vessels waiting at either end of the canal. These include 41 bulk carriers and 24 crude tankers.
Along with oil, the sea traffic is largely consumer products such as clothing, furniture, manufacturing components and car parts.
Global shipping giant Maersk and Germany’s Hapag-Lloyd have both said they are looking into re-routing around the southern tip of Africa.
“With the Suez Canal set to remain blocked for at least another day or two, shipping companies are being forced to confront the spectre of taking the far longer route around the Cape of Good Hope to get to Europe or the east coast of North America,” Lloyd’s List said.
In addition to delaying thousands of containers loaded with consumer items, the stranded ship has also tied up empty containers which are needed for more exports.
Egypt’s Suez Canal Authority (SCA) said it was doing all it could to refloat the ship with tug boats, dredgers and heavy earth-moving equipment.
BBC
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