The Suez Canal blockage has caused huge jam of vessels, holding up goods worth $400 million an hour approximately.
Ever Given, the 400 meter long and weighing around 200,000 ton, deemed to be a Megaship which is operated by Taiwan based firm Evergreen has been stuck in the Southern end of the canal.
The canal which separates Asia from Africa is one of the busiest and most important waterways in the world. With almost 12 per cent of the worlds global trade moving through it .
Exports like Crude oil, liquified natural gas and refined oil make up 5% – 10% of global shipments rest of the goods are largely consumer based like furniture, manufacturing, clothing and auto parts.
Jon Gold, The Vice President of Supply Chain and customs policy for the National retail Federation said
“The blockage is further stressing an already strained supply chain every day that the vessel remains wedged across the canal adds delays to normal cargo flows,”
“Many companies continue to struggle with supply chain congestion and delays stemming from the pandemic. There is no doubt the delays will ripple through the supply chain and cause additional challenges.”
According to the statistics of Egyptian government about 50 ships a day passed in 2019 which is a lane key to Asia-Europe trade.
Tanker Trackers, which monitors vessels through satellite and maritime data, said the incident had caused tailbacks of other vessels nearby. “Tankers carrying Saudi, Russian, Omani and US oil are waiting on both ends.
The container ship entered the crucial East-West trade route on Tuesday morning and ran in to trouble when it was approximately 6 nautical miles from the southern end of the estuary, Evergreen Marine said.
