Search results
Results From The WOW.Com Content Network
The cargo ship blocking the Suez Canal is holding up traffic that carries nearly $10 billion worth of goods every day, so a quick clearing of the logjam is key to limiting the economic fallout.
The Suez Canal was blocked for six days from 23 to 29 March 2021 by the Ever Given, a container ship that had run aground in the canal. [4]The 400-metre-long (1,300 ft), 224,000-ton, 20,000 TEU vessel was buffeted by strong winds on the morning of 23 March, and ended up wedged across the waterway with its bow and stern stuck on opposite canal banks, blocking all traffic until it could be freed ...
The Suez Canal accounts for 10-15% of world trade, which includes oil exports, and for 30% of global container shipping volumes. ... “It is yet another disruption in the supply chain,” Gene ...
These disruptions cascaded into the global shipping industry where ports like the Port of Los Angeles, a major hub for imports from Asia, are unable to clear their shipyards in a timely fashion, further exacerbating the supply chain crisis. This has led to suggestions that stockpiles and diversification of suppliers should be more heavily focused.
A sharp downturn in revenue after sea attacks by Yemen's Houthis diverted away shipping away from the Suez Canal has struck a painful new blow to Egypt's already deteriorating economy, adding ...
In addition, trade experts were worried about a supply chain delay, and tension due to the delay for the ships trapped as well as other vessels that planned to cross the Suez. [24] Eight tugboats worked to re-float the vessel in collaboration with excavators removing sand from the side of the canal where the bow of the vessel was wedged.
The disruption is causing delays and driving up costs — at a time when the world has yet to vanquish a resurgence of […] The post Attacks on ships in the Red Sea are disrupting global trade.
On 21 January 2024, the French frigate Alsace joined defence operations in the Red Sea after transiting through the Suez Canal, reinforcing French assets deployed in the area in the face of Houthi attacks against international shipping. [136] [137] [138] On 24 January, Houthi claimed to have attacked US destroyers and other warships in the Red Sea.