After six days of concerning blockage, the immense cargo ship stuck in the Suez Canal has finally been freed.
The incident produced grave distress worldwide as the 400m long evergreen blocked one of the most heavily used shipping waterways, stopping 12% of global trade. Although the passage is narrow, it provides the shortest maritime route between Europe and Asia. Without a working Suez Canal, a 12-hour trip suddenly turns into a week-long journey. Global trade is affected as the economy depends on three main shipping channels, including the Suez Canal (the others being the Panama Canal and the Strait of Malacca). Given the situation, it is logical that the blockage continues to cause worry and concern for the shipping industry and its economy.
According to the shipping journal Lloyd's list, about 450 ships held back, stating that it will be a lengthy process clearing that backlog. Additionally, Egypt's Suez Canal Authority (SCA) declared that the Canal's revenues were losing about $14m to $15m per day of blockage (about $84m-$90m in total). Furthermore, Lloyd’s list data showed that the vast ship held up about $9.6b of trade.
Following an incredibly frustrating week, good news finally arrived, the Suez canal was once again open for business. The massive cargo ship that was run aground by a gust of wind was finally set free around 3 pm on Monday the 29th (local Egyptian time). Ten tugboats and a full moon high tide helped shift its backside off the shoreline. Horns began to blast in celebration; within a few hours, ships awaiting transit began operating.
Despite the fact the Ever Given is on the move, at last, the impacts produced by the blockage will be felt for weeks to come. Andrew Kinsey, senior marine risk Manager at Allianz, points out that “We’re going to see a lag in arrivals and then we’re going to see a surge at certain ports” (Emily DeCiccio, 2021). Whichever the consequences may be, this is certain, one of the world’s most vital shipping lanes is no longer at a halt, and we hope it stays that way for a long time.
Naia. C
Bibliography:
Nagourney, Eric. “With the Suez Canal Unblocked, the World's Commerce Resumes Its Course.” The New York Times, The New York Times, 30 Mar. 2021, https://www.nytimes.com/live/2021/03/29/world/suez-canal-stuck-ship#suez-canal-ship
Russon, Mary-Ann. “The Suez Canal Blockage Explored in Numbers.” BBC News, BBC, 28 Mar. 2021, https://www.bbc.com/news/business-56559073
EmilyDeCiccio. “The Impact of the Suez Canal Blockage Will Be Felt for Months to Come, Says Maritime Expert.” CNBC, CNBC, 30 Mar. 2021, https://www.cnbc.com/2021/03/29/the-impact-of-the-suez-canal-blockage-will-be-felt-for-months-to-come-says-maritime-expert.html
Macaya, Melissa. “Suez Canal Ship Has Been Freed: Live Updates.” CNN, Cable News Network, 29 Mar. 2021, https://edition.cnn.com/africa/live-news/suez-canal-shipping-crisis-03-29-21/index.html
Yeung, Jessie. “Suez Canal Authorities Need to Remove up to 706,000 Cubic Feet of Sand to Free the Ever Given.” CNN, Cable News Network, 26 Mar. 2021, https://edition.cnn.com/2021/03/25/middleeast/suez-canal-ship-sand-intl-hnk/index.html
Image: Al Jazeera. “No Timeline given for Freeing Huge Ship Blocking Suez Canal.” Business and Economy News | Al Jazeera, Al Jazeera, 28 Mar. 2021, https://www.aljazeera.com/news/2021/3/27/egypt-plan-made-to-use-tide-to-re-float-ship-blocking-suez-canal