Lying across the Suez Canal, ships of more than 200,000 tons block the flow of $ 9.6 billion a day

Bloomberg has just reported that a preliminary calculation shows that the freight flow of up to 9.6 billion USD per day on the Suez Canal has been stalled by the ship Ever Given being trapped and stopped. traffic in both directions.

This figure is based on the calculation of the industry magazine Lloyd’s List showing that the westbound freight flow on the Suez Canal is worth about $ 5.1 billion per day and the eastbound freight flow is about 4, 5 billion USD. So a total of both directions, the ship Ever Given is blocking freight lines worth $ 9.6 billion per day.

However, the Lloyd’s List side admits that the above figures are still “preliminary calculations”. About 185 cargo ships and crude oil were trapped on either side of the canal. Meanwhile, the figure given by Lloyd’s List is 165.

Despite the rescue efforts, the ship Ever Given has remained stuck since March 23, causing traffic activities on the Suez Canal seriously delayed. Meanwhile, Ever Given belongs to the line of super-large container ships, 400m long, weighing up to 220,000 tons.

AP Moller-Maersk A / S, Mediterranean Shipping Co., Ocean Network Express Pte and Yang Ming Marine Transport Corp. are the companies whose ships are stranded in Suez, according to Panjiva, S&P’s global market intelligence unit, citing VesselFinder data.

An estimated 13 million barrels of oil are present on 10 ships stranded in the Suez Canal because of the incident of the Ever Given. This caused a concern about disruptions in oil shipments, giving the energy price a boost after recent drastic declines. Specifically, world oil prices rose about 6% in the session on Wednesday (March 24) when the information about the rescue of Ever Given fell into a stalemate.

The cargo ships trapped on either side of the canal consist of 40 cargo ships carrying bulk cargoes from crops to dry goods such as cement, tankers, fuel and chemicals. In addition, among the stranded ships were 8 livestock ships, more than 30 general cargo ships and one water carrier.

How long it takes to move the stranded Ever Given train and clear the current congestion will determine the deeper impacts on the market. Currently the Egyptian authorities have mobilized companies specializing in ship rescue and about 10 tugboats to liberate Ever Given, but has yet to bring results.

Suez Canal came into operation in 1869, is one of the busiest maritime routes in the world with many ships carrying crude oil and cargo from the Middle East to Europe and North America. About 12% of global trade, nearly 10% of oil transported by sea and 8% of global LNG is transported through the canal.