A 59-meter and 400 meter wide giant container vessel Ever Green wedged diagonally across the entire canal and has clogged it. The owners of a giant container vessel blocking the Suez Canal said that they were facing extreme difficulty refloating it, prompting Egypt to suspend navigation through one of the world’s busiest shipping lanes.
The waterway drastically shortens travel between Asia and Europe because it prevents vessels from having to navigate around southern Africa’s Cape of Good Hope. The Singapore-to-Rotterdam route, for example, is 6,000 kilometres and up to two weeks shorter than going around Africa. Nearly 19,000 ships passed through the canal last year carrying more than one billion tonnes of cargo, according to the SCA.
Egypt earned $5.61 billion in revenues from the canal in 2020. As shipping specialists warned it could take days or even weeks to budge the vessel and a new dredger had been deployed to speed up the operation while northern convoy ships remain docked in the waiting areas of the canal. The blockage has already hit world oil markets. Crude futures surged six per cent as traders assessed the likely impact on deliveries. Historic sections of the canal were reopened in a bid to ease the bottleneck, with dozens of ships waiting at both ends of the waterway. TW