400 million dollars per hour is just the beginning.
According to the SCA (Suez Canal Authority) in Egypt, the Ever Given ship ran aground and blocked the canal from March 23 was rescued on the morning of March 29 (Vietnam time).
This is good news for the whole world, because the Suez Canal is a vital maritime route for international trade. But during the nearly 1 week of being trapped, how great of the damage has you caused, are you curious? Let’s take a look at some prominent numbers, to see how sensitive the world economy is in fact. 
Huge numbers The Ever Given is a super ship of over 400 meters long, weighs more than 220,000 tons, can carry a maximum of 20,000 containers. At the time of jam, the ship was carrying a total of 18,300 containers. The ship is operated by shipping company Evergreen Marine based in Taiwan (China), and is among the largest in the world. The ship has been stranded since March 23 while entering the Suez Canal from the Red Sea. After hitting the shore, it ran aground and turned sideways, blocking the canal. Initially, it was thought that the wind was too strong, but the SCA believes this is not the only reason. More investigation will be needed to find out whether the main cause is technical or human impact. 
And also because of the jam that alone on Sunday (March 28), there are about 369 ships waiting at both ends of the canal, waiting for the time to pass the 193km long route, although it is unknown when. Run with time Over the weekend, 14 tugboats were mobilized to pull Ever Given out of the strand. Thanks to this, it has rotated “slightly” about 30 degrees. On March 29, after the media reported that the ship had begun to re-float, the SCA announced that Ever Given was completely rescued. According to the SCA, they will keep the ship operating during high tide – a condition required to put the ship back in the middle of the route and clear the canal. Some small boats have begun to move, but others will have to wait a long time, said Richard Mead, chief executive of shipping company Lloyd’s List. 
“We are seeing about 450 ships waiting to cross the canal. It will take quite a while to resolve this congestion.” Scary damage 12% of world trade, about 1 million barrels of oil and 8% of liquefied natural gas – those are the numbers the Canal is responsible for each day. According to SCA President Osama Rabie, the canal’s revenue lost between 14 million and 15 million dollars per day. Before the Covid-19 pandemic, maritime operations through the Suez Canal contributed up to 2 percent of Egypt’s GDP. 
Meanwhile, data from Lloyd’s List shows that the damage from the congestion is estimated at around $ 9.6 billion a day – $ 400 million per hour, and $ 6.7 million per minute. Looking at the bigger picture, global trade suffers losses ranging from $ 6 billion to $ 10 billion a week, according to insurance company Allianz. At the same time, the trade growth decreased by 0.2% to 0.4%. The cost of chartering a ship from Asia to the Middle East increased by 47%, to $ 2.2 million. Some shipping lines have chosen to detour to avoid the Suez Canal – such as through Cape Hao Vong. This means that travel times, costs and fuel will also increase, affecting a wide variety of industries – from retail, supermarkets to manufacturers around the world. The exact amount of damage is really difficult to calculate until the canal is fully cleared and the trade continues. Many UK companies have said they are still waiting to know when the goods will arrive. Some even have stock right on the ship Ever Given. Although the ship was freed, some expressed concern as the canal was still congested. Many companies even think of using air for transportation, which means the cost will be tripled. Perhaps, it is very rare that the world has seen such a tremendous impact from a stranded ship. Source: BBC
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