{"id":190511,"date":"2021-03-27T17:53:29","date_gmt":"2021-03-27T17:53:29","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=190511"},"modified":"2021-03-27T17:53:31","modified_gmt":"2021-03-27T17:53:31","slug":"stranded-suez-canal-ship","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/stranded-suez-canal-ship\/","title":{"rendered":"Stranded Suez Canal ship is holding up an estimated $400 million an hour"},"content":{"rendered":"\n

The stranded Suez Canal ship, Ever Given, is holding up an estimated $400 million an hour in trade, based on the approximate value of goods that are moved through the Suez every day, according to shipping data and news company Lloyd\u2019s List<\/a>.\u00a0<\/p>\n\n\n\n

The stranded Panamanian cargo ship is grounded for the fifth day in the Suez Canal. The efforts of the Egyptian government have not succeeded until this moment in the attempts to float and dislodge the giant container ship.<\/p>\n\n\n\n

This means extending the delay for longer periods in the most important waterway in the world.<\/p>\n\n\n\n

For his part, Osama Rabie, head of the Suez Canal Authority, said that the rescue units and the authority\u2019s tugs are continuing their efforts to save and float the giant Panamanian container ship.<\/p>\n\n\n\n

Lloyd\u2019s List said the traffic in the canal, which is westbound, is worth about $5.1 billion per day, while the eastbound traffic is about $4.5 billion per day.<\/p>\n\n\n\n

Stranded Suez Canal Ship<\/strong>: Increasing pressure<\/strong><\/h3>\n\n\n\n

The blockage is further stressing an already strained supply chain, said Jon Gold, vice president of supply chain and customs policy for the National Retail Federation.<\/p>\n\n\n\n

\u201cEvery day that the vessel remains wedged across the canal adds delays to normal cargo flows,\u201d he said, adding that the trade group\u2019s members are actively working with carriers to monitor the situation and determine the best mitigation strategies.<\/p>\n\n\n\n

\u201cMany companies continue to struggle with supply chain congestion and delays stemming from the pandemic. There is no doubt the delays will ripple through the supply chain and cause additional challenges.\u201d<\/p>\n\n\n\n

\u201cThe key to this problem hinges on how much longer it will take to move the Ever Given,\u201d explained Alan Baer, President of logistics provider, OL USA LLC.<\/p>\n\n\n\n

\u201cUSA importers face arrival delays of three days right now and this will continue to grow as long as the disruption continues,\u201d Baer said.<\/p>\n\n\n\n

It is worth noting that the Suez Canal, which separates the Africa from Asia, is one of the busiest trade routes in the world, with approximately 12% of the total world trade passing through it.<\/p>\n\n\n\n

Energy exports, such as liquefied natural gas, crude and refined oil, represent between 5% to 10% of global shipments. The rest of traffic is largely consumer products, including clothing, furniture, manufacturing, auto parts and exercise equipment.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The stranded Suez Canal ship, Ever Given, is holding up an estimated $400 million an hour in trade, based on the approximate value of goods that are moved through the Suez every day, according to shipping data and news company Lloyd\u2019s List.\u00a0 The stranded Panamanian cargo ship is grounded for the fifth day in the […]<\/p>\n","protected":false},"author":4,"featured_media":190512,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[604],"tags":[160,278],"class_list":["post-190511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade","tag-egypt","tag-featured"],"yoast_head":"\nStranded Suez Canal ship is holding up an estimated $400 million an hour<\/title>\n<meta name=\"description\" content=\"Bnreport - The stranded Suez Canal ship, is holding up an estimated $400 million an hour in trade, according to Lloyd\u2019s List.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/stranded-suez-canal-ship\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stranded Suez Canal ship is holding up an estimated $400 million an hour\" \/>\n<meta property=\"og:description\" content=\"Bnreport - 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