Shipping companies rerouted ships, refused to bring in new customers, and forecast long delays – and longer-term congestion in ports around the world – the global trade and economic aspects of grounding the Ever Given in the Suez Canal

Shipping executives said even if the ship were removed immediately, a backlog of ships waiting to pass through the canal would last for days, and diversion of cargo could destroy port traffic around the world for weeks and weeks Usually carefully orchestrated ships anger management of the world’s containers. The canal connects the Mediterranean and the Red Sea and accounts for up to 13% of maritime trade and about 10% of marine oil transports

German insurance giant Allianz estimated the blockade could reduce world trade by as much as $ 10 billion a week, it found the channel was immobilized for every week and could shave 0.2-04 percentage points of annual trade growth / p>

Caroline Becquart, Senior Vice President at Mediterranean Shipping Co, one of the largest container lines in the world, said the blockade will “lead to one of the biggest disruptions to world trade in recent years, given the extremely tight capacity that began construction late last year and has continued this year, the accident means.” that companies should expect a limitation in shipping capacity and equipment “

AP. Möller-Maersk A / S, the world’s largest container ship operator, said on Sunday that it had diverted 15 of its ships from the Suez Canal and is currently turning down some new customers to evaluate its capacity “With every day the canal remains blocked “The impact on global capacity and equipment continues to grow,” said customers. Delays and backlogs “will go well beyond the physical distance of Ever Given,” the 1,300-foot container ship that jammed into the banks of the canal earlier last Tuesday The dredging continues to free the ship and engineers are trying to get the ship back afloat at high tide Maersk said it could not give customers estimated arrival times for affected ships

Suez Canal Crisis, Suez Canal Update

World News – CA – Suez Canal Crisis sends shipping lines looking for alternatives

Source: https://www.wsj.com/articles/suez-canal-crisis-sends-shipping-lines-scrambling-for-alternatives-11616951891