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Egypt News The cargo ship stranded in the Suez Canal left today six days ago. The ship was transporting cargo between Asia and Europe. More than 150 cargo ships were stranded on both sides as the ship got stuck in the canal.
According to media reports, there was a loss of about 50 thousand aftershocks due to the failure to supply the goods in a timely manner. The loss is estimated at $ 400 million per hour. Inch Cape Shipping Services stated that the giant container ship has been partially evacuated. This has now reopened traffic.
Damage from traffic obstruction
• Europe suffered the most due to the movement of ships from the Suez Canal.
As a result, there was a shortage of food and drink, which was transported along this route.
• The Suez Canal Road is used for about 12 trade in the world.
• Failed supply delays resulted in a 2.8% jump in Robusta futures in London.
• The difference between the May and July delivery futures contracts increased by more than 30%.
• This led to a jump in the price of crude oil on the international market. Brent crude in New York rose 2.16 percent to $ 63.29 a barrel.
• West Texas Intermediate crude gained 2.54% to $ 60.05 a barrel.
It is one of the largest ships in the world
The name of this cargo ship is “The Ever Green”. This Panama ship operates as a freight train between Asia and Europe. It is 1,300 feet long. The ship was stuck in the Suez Canal on Tuesday 23 March, disrupting traffic on both sides.
Oil is loaded onto this vessel. The crew of this ship also includes about 25 Indians. About 150 ships are stranded in this traffic jam, including about 10 crude oil tankers loaded with 13 million barrels of crude oil. As a result, delivery of petroleum products was delayed in many countries and crude oil prices rose dramatically following the disruption of the shipment.