A background calculation shows that there is an estimated $ 9.6 billion in daily maritime traffic interrupted by the massive container ship that lodged in the Suez Canal earlier this week, blocking transit through both ways.
The figure is based on a Lloyd’s List estimate which suggests westbound traffic is worth around $ 5.1 billion per day and inbound traffic is around $ 4.5 billion. The industry journal admits, however, that these are “rough calculations.” There are around 185 ships waiting to cross the waterway, data compiled by Bloomberg shows, while Lloyd’s estimates 165.
So far, efforts by tugboats and diggers to dislodge the Ever Given – the 400-meter-long vessel that got stuck in the canal on Tuesday – have failed and work to float the vessel has been suspended. until Thursday morning in Egypt, said shipping agent Inchcape. said, citing the Suez Canal Authority.
AP Moller-Maersk A / S, Mediterranean Shipping Co., Ocean Network Express Pte and Yang Ming Marine Transport Corp. own vessels in the canal, according to S&P Global Market Intelligence’s Panjiva unit, which cited data from VesselFinder. About 50 ships a day use the waterway, and in 2019, containers accounted for around 53% of tonnage in transit, he said.
About 13 million barrels of crude out of 10 tankers could be affected by the disruption, according to Arthur Richier, Vortexa’s senior freight analyst. There are also nine ships carrying clean petroleum products, as well as biodiesel, sitting outside Suez, awaiting the resumption of northbound convoys, he said.
The time it takes to move the ship and clear the deadlock will dictate further impacts on the markets. About 300 ships around the world are either stranded in the Suez Canal, waiting to transit through the waterway, or flagging it as their next destination, according to shipping data compiled by Bloomberg.
The queue on Wednesday included 40 bulk carriers carrying commodities ranging from crops to dry goods like cement, as well as ships carrying oil, fuel and chemicals, according to Bloomberg data. There were also eight ships carrying cattle, over 30 general cargo ships and a tanker.