Tugboats and dredgers have so far failed to free a the cargo ship ‘Ever Given’ wedged in the Suez Canal. The situation is creating a traffic jam with approximately 200 vessels waiting on both sides of the canal.
In addition to oil, consumer goods such as clothing, furniture and auto parts are transported across the channel. Richard Medae of Lloyd’s List wrote on Twitter that westbound traffic was estimated to be worth about $5.1 billion (€4.3 billion) a day. Eastbound traffic is worth some $4.5 billion. This means that about $10 billion worth of goods are now blocked.
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