The stranded mega-container ship is delaying $400m (£292m) an hour in goods that can't be moved east or west.
Considering that the Suez Canal is the only direct route between major European and Asian ports, it’s no wonder this is going to have further implications on an already battered global economy. Yes, ships can sail via the southern tip of Africa or around the north of Russia but these routes are way way longer, while the latter is highly prone to freezing in winter.The stranded Ever Given mega-container ship in the Suez Canal is holding up an estimated $9.6bn (£7bn) of goods each day, according to shipping data.
This works out at $400m an hour in trade along the waterway which is a vital passageway between east and west.
Data from shipping expert Lloyd's List values the canal's westbound traffic at roughly $5.1bn a day, and eastbound daily traffic at around $4.5bn.
Despite efforts to free the ship, it could take weeks to remove experts say.
With a global economy more connected than ever before, it’s amazing to think that global trade relies on a single passage through the Middle East. Now imagine what it would be like if Plymouth was the number one container port for the UK instead of Felixstowe and there was another major storm washing away the line at Dawlish. In this scenario, you’d think that it would be necessary to build the Dawlish avoiding line as it would avoid disruption to the national economy, so in the same principle, is now the time to build a so-called Suez Avoiding Canal?