Suez Canal blockage is holding up $9.6bn of goods a day

Suez blockage is holding up $9.6bn of goods a day
The stranded Ever Given mega-container in the Suez Canal. Source: Getty Images
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Daily US Times: The stranded Ever Given giant container ship in the Suez Canal is holding up an estimated $9.6bn of goods each day, according to shipping data.

This works out at $400m an hour in trade along the narrow waterway which is a very important passageway between east and west.

Data from shipping expert Lloyd’s List values the Siez Canal’s westbound traffic at roughly $5.1 billion a day, and eastbound traffic at around $4.5 billion a day.

Despite efforts to free the mega-container ship, it could take weeks to remove experts say.

The Ever Givenis is the length of four football pitches and one of the biggest container vessels in the world. The 200,000-tonne ship, operated by the Taiwanese company Evergreen Marine, is capable of carrying 20,000 containers.

Its blockage is causing huge tailbacks of other ships who are trying to pass through the Suez Canal.

The Suez Canal, which separates Africa from the Middle East and Asia, is one of the busiest naval trade routes in the world, with about 12% of total global trade moving through it.

Along with oil, the sea traffic is largely consumer products such as manufacturing components, clothing, furniture and car parts.

Lloyd’s List tracking data shows there are more than 160 vessels waiting at either side of the canal. These include 24 crude tankers and 41 bulk carriers.

BIMCO, the largest of the international shipping associations representing shipowners, says the blockage will only continue to grow and affect supplies.

Alan Baer, president of logistics provider OL USA, said “For each day of delay my thought is it will take two days to undo the delays.”

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