March 25, 2021, 05:51 PM
The shortest shipping route in the world from Asia to Europe is now choked as a result of a container ship stuck in the Suez Canal, Nikkei Asia reported.
Largest ship to go around canal
On Tuesday, Mar. 23, a 400-metre long container ship, operated by Taiwan-based Evergreen group, became stuck sideways in the shipping artery through which 12 per cent of global trade by volume flows.
The ship is said to be the largest ship ever to go around the Suez Canal, according to the BBC.
Should the ship be unable to be pulled free at high tide, its cargo might have to be removed.
According to Reuters, the 224,000-tonne (224 million kg) ship known as the Ever Given became grounded after it lost its steering ability during high winds and a dust storm.
https://www.instagram.com/p/CMxEKHanW62/
So, the #SuezCanal is blocked...
— John Scott-Railton (@jsrailton) March 23, 2021
Massive container ship EVER GIVEN stuck in the most awkward way possible.
Ongoing for hours. Every tug Egypt could spare appear to be trying to pull it free.
Vessel tracker: https://t.co/MsTUgVgyTH pic.twitter.com/08w4qpPqln
185 ships in a jam at the canal
Amidst ongoing attempts to free the ship, 185 ships carrying a variety of goods, such as oil, live animals, liquefied natural gas and food, are currently in a jam at the canal, Bloomberg reported.
3) The stranded Ever Given ship at the Suez Canal is blocking vessels carrying everything from live animals to liquefied natural gas and food.
— Bloomberg Asia (@BloombergAsia) March 25, 2021
It shows the shipping delays have the potential to affect a range of industries. https://t.co/vDbTrPthcs pic.twitter.com/9AYTzm45eR
Shipping sources were further quoted as saying that if the delay extends for another 24 hours, ships may have to be potentially re-routed around the Cape of Good Hope in Africa, which takes about a week longer to travel.
Meanwhile, prices in the oil market have fluctuated as a result of the blockage.
On Wednesday, Mar. 24, oil prices rose about six per cent immediately after the grounding of the Ever Given. Prices then fell by around two per cent.
What's being done to move the ship?
CNN reported that five tugs are currently attempting to drag the ship into deeper waters, with an additional three heading towards it.
THREAD: 1) Machines and tugs have so far failed to dislodge a 200,000-metric-ton container ship stuck in the Suez Canal for a third day, increasing the chances of prolonged delays in what is arguably the world’s most important waterway. https://t.co/JM76Ba97qu via @quicktake pic.twitter.com/Cg2AopPmF2
— Bloomberg Asia (@BloombergAsia) March 25, 2021
Images of a bulldozer on the sandbank beside the ship were also circulating on social media.
2 guys and a bulldozer on site to dislodge a ship stuck in the Suez Canal. pic.twitter.com/APAIU7sCv6
— John Arnold (@JohnArnoldFndtn) March 24, 2021
Reuters further reported that the ship's owner, Japanese firm Shoei Kisen KK, and insurers of the ship likely face claims reaching millions of dollars.
Insurers and brokers were quoted as saying that the claims can come from Egypt's Suez Canal Authority for loss of revenue, and from other ships whose trips have been disrupted.
Top image screenshot from fallenhearts17/Instagram
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