Tug boats and excavators are trying to free the 224,000-ton boat, which got stuck during a dust storm at the Suez Canal on Tuesday morning, according to Lloyds list. The container ship, longer than the Eiffel Tower, blocked the movement of everything from oil to gas and consumer goods.
Suez Canal, 120 miles, connects the Mediterranean in the north with the Red Sea in the south
The blockage of the Suez Canal reminds of how much international trade is constrained through “chokepoints” or geographically constrained waterways.
A blockage of a few days would choke global shipping and energy markets, potentially pushing up prices of oil, liquidized natural gas, and food.
A lengthy delay would force some ships to reroute, forcing further delays as a vessel travelling between Europe and Asia would take two weeks longer if it bypasses the canal.
1 million barrels of oil pass through the Suez Canal each day and the channel accounts for 12% of global trade.
