GIANT CONTAINER SHIP BLOCKS THE SUEZ CANAL

A giant vessel blocking the Suez Canal could be stuck for days, affecting global trade, as the route is vital for the movement of everything from oil to consumer goods.  

The container ship named Ever Given is longer than the Empire State building in New York. It ran aground in the southern part of the canal in Egypt on its way to the Netherlands from China. Used also by Oil Tankers, shipping crude oil from the Middle East to Europe and North America, the 120 mile long Suez Canal is one of the most trafficked waterways in the world.  

The Suez Canal Authority assigned eight tugboats to the task of trying to nudge the vessel out of the way as at least 150 container ships are lined up, awaiting passage. A waterway connecting the Mediterranean Sea to the Indian Ocean via the Red Sea, the sea route offers an avenue for ships to pass between Asia and the Middle East and Europe, reducing transit time significantly. 

The pandemic has not been the best of times for global trade and any disruption to the global trade flow has grave consequences for the trading community.