Suez Canal blockage explored in numbers

Suez: A huge container ship that has been wedge in the Suez Canal since Tuesday has been partially refloated, as per reports on social media. On another side, a video posted on Monday appeared to show the stern of the Ever Given Swung towards the canal bank, opening space in the channel. Maritime services company Inchcape also reported the vessel was freed.

While the situation has been the source of much worry and frustration for the global shipping industry. We take a look at the key numbers that involve in the operation.

The numbers are Big

The Ever Given is 400m-long (1,312 ft) and weighs 2,00,000 tonnes, with a maximum capacity of 20,000 containers. It is currently carrying 18,300 containers. Moreover, the ship is operated by the Taiwanese transport company. Evergreen Marine and is one of the world’s largest container vessels.

While it has been strand since Tuesday, after running aground and becoming lodged sideways across the waterway. At first, a gust of wind was thought to blame. The wind speed at the time record at 40 knots, but the Suez Canal Authority (SCA) told reporters that was not the only reason for the ship becoming stranded.

An investigation would need to determine whether technical or human errors occurred, the authority added. While as of Sunday, there were 369 ships stuck in a tailback waiting to pass through the 193 km canal on either side of the blockage. Meanwhile, there have been more than 1,45,200 social interactions or Twitter using the #SuezBLOCKED hashtag and at least 1,33,000 shares. According to a real-time analysis by brand monitoring platform BrandMentions.

How are efforts to free the ship going?

On Saturday, 14 tugboats pulled and pushed the Ever Given at high tide to try to dislodge it and were able to move the ship 30 degrees from left and right. The SCA said in a statement that dredgers had so far shifted 27,000 cubic meters of sand to a depth of 18m.

Moreover, the rudder was not moving and it is now moving, the propeller is working now. There was no water underneath the bow, and now there is water under it, and yesterday there was a 4m deviation in the bow and the stern, SCA’s chairman General Osama Rabie told Egyptian state TV.

However, in a possible complication, SCA sources quoted by Reuters news agency said that a mass of rock had been discovering under the bow of the ship. Sunday’s attempt to free the Ever Given was postponed, according to the SCA. The nest favorable times for refloating the ship will be during high tide.

How much is the blockage costing?

About 12 percent of global trade, around one million barrels of oil, and roughly 8% of liquefied natural gas pass through the canal each day. General Rabie reporters on Saturday that the Canal’s revenues were taking a $14-$15m hit for each day that the blockage continues.

In spite of the fact that the canal opened an older channel to try to get more ships through. Prior to the pandemic, trade passing through the Suez Canal. Contributed to 2 percent of Egypt’s GDP, according to Moody’s.

Individually, data from the shipping journal Lloyd’s List shows the stranded ship is holding up an estimated $9.6 of trade along the waterway each day. That equates to $400m and 3.3 million tonnes of cargo an hour, or $6.7m a minute. German insurer Allianz said on Friday its analysis showed the blockage could cost global trade. Between $6bn to $10bn a week and reduce annual trade growth by 0.2 to 0.4 percentage points.

On the other side, shipping broker Braemar ACM told the Wall Street Journal that the cost of renting. Some vessels to ship cargo and from Asia and the Middle East jumped 47 percent this week to $2.2m. Some vessels are rerouting to avoid the Suez Canal. That is adding around eight days to their total journeys.

Countless businesses are affected

The Suez Canal blockage doesn’t just affect the global shipping industry or the Egyptian economy. Countless businesses, from domestic transport providers to retailers, supermarkets, and manufacturers are also impacting.

Moreover, the true damage and cost are difficult to evaluate until the ship is freed and trade resumes. But many firms will have to make critical decisions if the blockage continues for another week. 

While the situation at the Suez Canal continues, some firms will have to pay to order more goods and have them sent over by air freight, which costs at least three times more.