Suez Canal blockage is delaying an estimated $400 million an hour in goods

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(container ship Evergreen stuck in Suez Canal blocking traffic)

CNBC:

  • Lloyd’s List calculates blockage is costing $400 million an hour.
  • Lloyd’s values the canal’s westbound traffic at roughly $5.1 billion a day, and eastbound traffic at around $4.5 billion a day.
  • The blockage is further stressing an already strained supply chain

The stranded mega-container vessel, Ever Given in the Suez Canal, is holding up an estimated $400 million an hour in trade, based on the approximate value of goods that are moved through the Suez every day, according to shipping data and news company Lloyd’s List.

Lloyd’s values the canal’s westbound traffic at roughly $5.1 billion a day, and eastbound traffic at around $4.5 billion a day. The blockage is further stressing an already strained supply chain, said Jon Gold, vice president of supply chain and customs policy for the National Retail Federation.

“Every day that the vessel remains wedged across the canal adds delays to normal cargo flows. Read More

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