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Latest in news is that Ever Given, the giant ship that was stuck at the Suez Canal since the last 6 days, has been set afloat after days of tireless efforts. The shipping management company Bernhard Schulte Ship Management revealed that the staff and crew of 25 people on board was all healthy and eagerly coordinating with everyone involved to move things along quickly. Currently, the goal is to open traffic on the canal as usual so that the losses being incurred by the minute, can be controlled.
Image Source: © Donvictorio | Megapixl.com
Why is the Suez Canal of such great importance for world shipping and trade?
One of the busiest shipping lanes in the world, the Suez Canal, with about 12% of the total value of world trade, serves as an appropriate connection between Europe and Asia. In 2020 alone, as many as 19,000 ships passed through this channel, an average of 51.5 ships a day. Ferrying everyday products such as utilities, toys, and electronics, as well as crude products such as oil, these ships are a very important part of the global demand and supply chain. A blockage like the one caused by Ever Given is nothing short of a disaster, and the entire chain of events will be affected by it in the long run.
Is a possible shortage and hoarding crisis underway?
There are already talks about a possible toilet paper shortage in the stores across the world. Not only toilet paper, almost everything else that one sees in stores could end up in severe shortage if the ship doesn’t give way to other vehicles soon.
Some perishable items also risk getting spoilt, while the others can also land in serious crisis, simply because they may not be able to reach stores on time. A year after the panic buying crisis that the world witnessed, where people were stoking up their homes, fearing the pandemic might bring upon an apocalyptical state of existence, the Suez Canal crisis, if not solved soon, might be a reason for something similar. Global logistics seem to bear the brunt of events like these more than anything else.
Having almost an instant impact on world markets, the movement of Ever Green is being watched very closely. The Asian Markets have traded green, the world is feeling a bit optimistic about how things will go from here on, following the movement of the magnanimous ship. As many as 300 vessels are waiting to pass and go to their destinations once the place is opened for traffic.
With several thousand tons of sand dredged around the vessel as well with the help of high tides in the area, the ship has seen serious movement. It remains to be seen, when it shall be set afloat and aside properly in order for the traffic to get moving as usual.