Several days ago when this chaos at the canal first began, nations all over the world were in a bit of a panic as one of the busiest and most important trade routes was blocked because a freighter vessel larger than the Eiffel Tower found itself jammed in the canal, blocking off other ships to get through.
We noted in our initial report the economic effects this would have, just for the few days it hogged up the canal.
The Economic Ripple To Be Caused By The Suez Canal Blockage
Today the freighter ship the Ever Given was finally afloat and was able to sail out of the canal.
According to a report by the AP, a flotilla of tugboats and the peak of a high tide was able to help get the ship moving and back on its way.
We pulled it off! I am excited to announce that our team of experts, working in close collaboration with the Suez Canal Authority, successfully refloated the Ever Given … thereby making free passage through the Suez Canal possible again.
Peter Berdowski. CEO of Boskalis, the salvage firm hired to extract the Ever Given
Roughly $9 billion dollars was held up each day the ship was wedged in the canal.
Because of the massive delay, about 367 vessels carrying goods such as crude oil or cattle have piled up on both ends of the canal waiting for clear passage.
The backlog will take an estimated 10 days to fully clear out according to Data firm Refinitiv’ estimates.
The alternative for vessels is to take a detour around the continent of Africa that adds 2 weeks to the journey (3,100-miles).
Read more about the story here:
The WinePress needs your support! If God has laid it on your heart to want to contribute, please prayerfully consider donating to this ministry. If you cannot gift a monetary donation, then please donate your fervent prayers to keep this ministry going! Thank you and may God bless you.
