• The blockage is affecting oil prices as they spike
• The giant ship is wedged sideways in the canal
As strange as it may sound, the 200,000-tonne ship operated by the Taiwanese transport company by Evergreen Marine is still stuck at the Suez Canal. The ship was bound for Rotterdam from China. This ship is as big as the size of four soccer fields.
The blockage has created traffic on the canal and Egypt has opened up an old way for ships to pass by. The Ever Given is lodged sideways and its blocking of the canal has sent oil prices soaring.
In the latest estimation, the insurer Allianz states that this blockage can cost global trade a loss of $6 billion to $10 billion in a week. The Suez Canal is one of the busiest waterways commercially, actually sees 12% of global trade passing through.
This impossible situation has started affecting suppliers as the delivery time is lengthening.
Efforts have been accelerated at the canal to free the blockage as soon as possible.