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STOP PRESS

03/25/2021

Grounding of the Ever Green in the Suez Canal Will Have Severe Repercussions

 

Given that the Suez Canal will be blocked for “many days if not weeks” there will be repercussions to the World economy and ultimately the U.S. The canal carries 12 percent of all ocean trade. Lloyds estimate the cost at $400 million per hour. The impact is evidenced by the fact that out of 150 stranded vessels 40 are bulk carriers and 35 container ships. Pity the live animals on stranded transport vessels.

 

The Ever Given is grounded diagonally across the canal at bow and stern. Without careful salvage the weight of 20,000 containers could break her back resulting in a catastrophe with long-term implications.