The Suez Canal reactivates world trade traffic

Posted March 29, 2021 at 13:03 pm

General Osama Rabie, President of the Suez Canal Authority (SCA),  stated that each day of the blockade cost the channel between 14 and 15 million dollars in revenue.
Lloyd’s List, a magazine specialized in international trade announces that the container ship Ever Given blocks the equivalent of 9 billion dollars of cargo daily, which means that $400 million and 3.3 million tons of cargo per hour are blocked.
Allianz, German insurance company, established that the blockade could cost between 6 and 10 billion dollars per day to world trade, generating a decrease in annual trade between 0.2 and 0.4 percentage points.
The shipping brokerage company Braemar ACM told The Wall Street Journal that, as a result of the accident, the cost of renting cargo boats to and from Asia and the Middle East has soared, as alternative routes add eight days of travel, adding more delays than have already occurred on arrival at destination.
The loss of perishable loads and the transport of live animals.
The changes that have already occurred in the prices of WTI and Brent oil futures are caused by fears that the blockade will continue for more days.