We are slowly seeing the backlog caused by the block of Suez Canal easing.
Whilst we have several shipments that were delayed, availability to Middle Eastern and Far Eastern ports is starting to increase.
The blockage has caused huge delays to our customers and the numbers are staggering
About 12% of global trade, around one million barrels of oil and roughly 8% of liquefied natural gas pass through the canal each day.
SCA chairman Osama Rabie on Saturday that the Canal’s revenues were taking a $14m-$15m (£10.2m-£10.9m) hit for each day of the blockage.
Prior to the pandemic, trade passing through the Suez Canal contributed to 2% of Egypt’s GDP.
Separately, data from Lloyd’s List showed the stranded ship was holding up an estimated $9.6bn of trade along the waterway each day. That equates to $400m and 3.3 million tonnes of cargo an hour, or $6.7m a minute.
Looking at the bigger picture, German insurer Allianz said on Friday its analysis showed the blockage could cost global trade between $6bn to $10bn a week and reduce annual trade growth by 0.2 to 0.4 percentage points.
Shipping broker Braemar ACM told the Wall Street Journal that the cost of renting some vessels to ship cargo to and from Asia and the Middle East had jumped 47% to $2.2m.
Some vessels have been rerouted to avoid the Suez Canal. That is adding around eight days to their total journeys.
