Sideways Cargo Ship Blocking Suez Canal Could Be Free In 72 Hours

One of the world’s largest cargo vessels is holding global commerce hostage. The Panamanian MV Ever Given is stuck sideways in the Suez Canal, blocking the main shipping artery between East and West.

In a time when the world is still scrambling to regain losses sustained because of the global coronavirus pandemic, the latest challenge in the Suez Canal is an unwelcome turn of events. Efforts to dislodge the vessel could reportedly take weeks, adding another layer of costs and headaches to industry across the board.

At present, ships are backlogged at both the north and south entrances to the Canal, which offers the quickest trip between Asia and Europe. Without it, ships are forced to sail around the southern tip of Africa, which adds thousands of miles and about another week to the trip.

Mohab Mamish, former chairman of the Suez Canal Authority and Egyptian President Abdel Fattah el-Sisi's advisor on seaports, disagrees with the lengthy estimate and believes the Canal will return to operations “within 48-72 hours, maximum."

Clearing the Ever Given will require moving about 19,600-26,000 cubic yards of sand, reaching a depth of 40 to 50 feet along the canal's bank, according to the Suez Canal Authority. The 247,000-ton container vessel is nearly a quarter-of-a-mile long.

(via CBS News): As much as 30% of the world's shipping container freight typically passes through the Suez Canal every day — a journey that takes around six hours — amounting to about 12% of the total goods traded globally, according to Reuters.

If the ship is not cleared soon, it could cause a rise in global oil prices.