Suez Canal Blockage Causes $9.6B Losses Per Day

The blockage in the Suez Canal was estimated to cause $9.6B  worth of losses to maritime trade daily while the owners of the ship responsible for the obstruction face millions in claims.

A Lloyd’s List assessment suggested that westbound traffic in the canal is worth around $5.1 billion a day and eastbound traffic approximately $4.5 billion. 

Lloyd’s List clarified that those were only rough estimates while other business intelligence outlets gave similar figures. 

The 400-meter long cargo vessel Ever Given remained stuck from its position while all efforts to budge it have failed so far. 

The Ever Given’s owner, Japanese firm Shoei Kisen KK, and its insurers could face claims from the Suez Canal Authority (SCA) for loss of revenue and from other ships for the inconvenience they have caused so far.

According to maritime insurance industry experts, the cost of insuring the ship alone without its cargo was estimated to be at $100-140 million.

UK P&I Club is the protection and indemnity insurer for Ever Given but has not yet given a statement. 

According to vessel tracking websites, the Ever given has barely moved since it lodged itself in the canal. 

Ever Given also gained fame on social media after amateur vessel trackers noted that the ship’s course was in the shape of a giant penis before it entered the canal. 

The owner and crew of Ever Given have yet confirmed if the vessel path was intentional but a spokesperson for said that people could see for themselves. 

Editors Note: Story “SUEZ-BLOCKAGE-LOSSES” corrected on 25.03.2021 07:23 due to a typographic error.

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