Topic: Economic concerns mount as Suez Canal impasse drags

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Economic concerns mount as Suez Canal impasse drags

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PHOTO: A handout picture released by the Suez Canal Authority on March 24, 2021 shows a part of the Taiwan-owned MV Ever Given (Evergreen.)

 

 

The blockage of the Suez Canal by a ship the size of the Empire State Building has stoked economic anxieties around the globe, that only escalate each day the critical maritime trade route remains closed.

 

Shipping industry journal  เกมสล็อต  Lloyd's List estimated that the blockage is impeding approximately $ 9.6 billion per day worth of goods in container cargo alone. As containerized cargo accounts for just 26% of total traffic through the canal, the outlet estimates that the actual total value of goods being held up is likely much higher.

 

MORE: Egypt says US offers assistance as operations to free cargo ship gather momentum

Ever Given, a 224,000-ton container ship registered in Panama, ran aground in the Suez Canal on Tuesday morning as it was en route from China to the Netherlands. As of Friday, hundreds of ships are now waiting to enter the canal from both sides. It's unclear how long it might take to free the Ever Given.

 

About 12% of global trade passes through the Suez Canal, which connects the Mediterranean Sea to the Red Sea and creates the shortest maritime link for goods traveling from Asia to Europe. The impasse comes as an estimated 90% of global trade is transported by sea, according to the



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