Global Trade Disruption in Suez, May Take Months To Stabilize

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Mfame Editor
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  • The six-day blockage of the Suez Canal by a massive cargo ship has triggered a series of disruptions to global trade.
  • It could take weeks, possibly months, to unravel, said Maersk, the world’s largest container shipping company.
  • The Ever Given had been partially refloated as of Monday morning, but not yet fully dislodged.
A Yahoo News report highlights Maersk opinions on how the global trade has been deeply affected global trade.

What does Maersk say?

Maersk said that it’s too early to say when the Suez will be cleared for operations again, but that it could take at least six days for its current queue of ships to pass through.

The big picture

The Suez Canal is one of the most vital maritime arteries in the world, seeing 13% of global maritime trade and 10% of seaborne oil shipments, according to the Wall Street Journal.
  • The 1,312-foot-long Ever Given has been stuck in the canal since last Tuesday, causing a backlog of over 300 vessels.
  • Maersk said it has redirected 15 of its vessels around the Cape of Good Hope at the southern tip of Africa.
  • An army of tugboats and dredgers has been working day and night to free the canal in what is likely one of the largest salvage operations in modern history.

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Source: Yahoo News