The blocking of the Suez Canal because of the stranded Ever Given turns to disrupt global trade heavily. There are many memes circulated in social media when the biggest cargo ship got stuck in the Suez Canal. When cargo ship was stuck in Egypt’s Suez Canal on March 23 no one expected the difficulty of the removing the blockage.
Ever Given is one of
the biggest cargo ships whose length is 400 meters long and weight comes to 200K
metric tons. The size of the cargo ship is equals to 4 soccer fields. It
carries cargo and doing business between Asia and Europe. Ever Given got stuck because
of high winds and dust storm at early in the morning on March 23rd. Taiwanese
company Evergreen is the owner of the cargo ship.
Suez Canal is the busiest
waterways used by tankers shipping crude from Middle East to Europe. As per the
reports, 185 vessels mostly bulk carriers, container ships and oil tankers are
waiting to cross the canal. All these ships have stranded because of Ever Given.
The estimated cost due to blockage is around $400 million per hour. 12% global trade
passes through the Suez Canal and 1.1 trillion dollars’ worth of cargo passes
through the Suez Canal. United States offered assistance to Egyptian
authorities to remove the blockage and reopen the canal.
Some ship operators have already
decided to re-route their vessels, anticipating that the Ever Given won’t be
dislodged soon. Sending ships around the Cape of Good Hope adds more than a
week of sailing, while also increasing costs. Authorities say the weeks to clear
the route. They plan to removal fuel and cargo on the board in an attempt to
lighten the vessel. Officials target this weekend to free cargo ship from Suez Canal.
India is a top importer of crude and oil products through Suez Canal around 500K
barrels imported everyday while many nations are heavy exporters of crude in
this route.
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