“The Suez Canal will not spare any efforts to ensure the restoration of navigation and to serve the movement of global trade,” Osama Rabei, head of the Suez Canal Authority, said, according to the Associated Press. “It increases the risk that we might see additional port congestion in European ports in the next week,” Lars Jensen, chief executive at SeaIntelligence Consulting, which analyzes the shipping industry, told Reuters.Ĭanal authorities are working furiously to try to refloat the stranded vessel, using tugboats to attempt to dislodge it while earthmovers dig out sand on the canal bank where the ship is stuck. For instance, experts warn the blockage could have a knock-on effect on ports in other regions in the world that depend on cargo passing through the Suez Canal. Which means a giant ship blocking the canal for over 24 hours has the potential to cause major disruptions in global trade.
In 2020, 19,000 ships passed through the canal - more than 50 ships per day. In an effort to increase traffic, the Egyptian government undertook an $8 billion expansion of the Canal back in 2015, extracting 260,000 tons of sand to build a new channel and deepen and widen sections of the old canal. The Suez Canal is also an important route for tankers transporting fossil gas and oil. Some 80 percent of the world’s trade travels by sea, and around 12 percent moves through the Suez Canal. The blocked canal is causing headaches for global tradeĬompleted in 1869, the Suez Canal provides one of the shortest maritime routes between Asia and Europe by connecting the Mediterranean and Red Seas and allowing ships to avoid having to go around the Horn of Africa. Sign up to receive our newsletter each Friday.
Vox’s German Lopez is here to guide you through the Biden administration’s burst of policymaking.
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