Suez Canal blockage is delaying an estimated $400 million an hour in goods – IOTW Report

Suez Canal blockage is delaying an estimated $400 million an hour in goods

Friday, 26 March 2021, 0:00 BFH Uncategorized 15

CNBC:

The stranded mega-container vessel, Ever Given in the Suez Canal, 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’s List.

Lloyd’s values the canal’s westbound traffic at roughly $5.1 billion a day, and eastbound traffic at around $4.5 billion a day. 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. more here

15 Comments on Suez Canal blockage is delaying an estimated $400 million an hour in goods

  2. I’m just going to go ahead and put my tin foil hat on and say that this wasn’t an accident. They blame this on windy conditions. I’m pretty sure it’s been windy there before.

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  4. ‘Evergreen’ in extrabigass block letters on the side of the ship, but the news lemmings are calling it the ‘Ever Given’.
    Am I missing something?

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  9. Why they call traffic westbound and eastbound, when the canal clearly almost straight goes north-south ?
    No wonder that fucker get stuck, all that smart technology onboard. 😉
    [Kung Flu]

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  10. joe6pack: As a sailor who has traversed the Suez Canal on four occasions, I can attest that yes, it is often windy there. However, there have been numerous groundings in the canal – a tanker ran aground ahead of the military convoy I was a part of in March 2003 and brought all traffic to a halt for roughly 4 hours until the tugs managed to get the tanker back in the traffic lane. I’m sure there are hundreds of groundings every month we never hear about because it takes a relatively short time to correct the issue. What made this such a hassle is the grounding taking place in both an area where there is only a single lane (convoys are specifically timed so a northbound convoy will clear the single lane area well before a southbound convoy reaches it) and through some mishap (likely poor seamanship on the part of either the canal pilot or the ship’s crew) the ship turned too far and ran both the bow and stern into the sandy banks. Other factors such as how long it has been since that area of the canal was dredged (its a constant process) may have also played a part.

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  11. Machaloja – really? “Why they call traffic westbound and eastbound, when the canal clearly almost straight goes north-south ?
    No wonder that fucker get stuck, all that smart technology onboard.” WOW

    It’s true that the Suez Canal is oriented in a North/South direction but the ships that traverse the canal are either heading east to the Indian Ocean or west to the Mediterranean and Atlantic beyond. The point of the canal was to save the two weeks needed to sail around the Cape of Good Hope.

    Maybe, just maybe, they know more than you.

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  14. It happened in Egypt. So that means the incompetent canal pilot was a Filthy Mohammedan Savage and they can fuck up a wet dream and twice on Friday.

    Mohammedanism encourages a fatalistic who gives a shit culture – they call it “Inshallah” (if Satan wills it)

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