Huge Cargo Ship Blocks Suez Canal, Halting Trade Worth 9.6 Billon Dollars

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Garrett Duncan, Contributor

On March 23, 2021, a large cargo ship known as the “Ever Given” was buffeted by a sandstorm while sailing.  It became unable to see where it was going, and was effected by strong winds.  After hours of driving in circles, it crashed in the middle of the Suez Canal diagonally, causing the entire waterway to be blocked.  Until the ship is unblocked, nothing can get past it, which will be devastating to places reliant on shipping through the canal.

According to CNN, it could take days to weeks to get the ship free from its entrapment, as its front is completely impaled into land.  They will have to dig it out before even being able to make the ship move. (CNN)  This is due to the Ever Given’s immense size, as it weighs about 224,000 tons. It will be incredibly difficult to remove, especially without damaging the ship. It could be worse though. If the Ever Given had started taking on water and sunk in the Canal, it would be much more difficult to move.

The Suez Canal usually has about $9.6 billion worth of products transported across it in a day. (Bloomberg News) There are more than 150 boats that were going to cross the canal that are now unable to. This event is going to damage the economy even more than it has already has been damaged from Covid 19, and it may lead to drops in stock. About 10 percent of global trade happens in the Suez Canal, so effects will be seen everywhere. (AP New) Stocks for gold have already dropped in value, seemingly in relation to the trade blockage.

For now, all anyone can do is hope that the Ever Given is removed quickly, before it can effect the economy more than it already has.