I just learned of this as a H/T from our friend Ad Rem. The Suez Canal is blocked completely to traffic in both directions, and so far efforts to remove the container ship have been unsuccessful.
Here’s our favorite, Juan Browne, explaining what has happened.
Unless this can be corrected soon, there will be shortages of certain commodities shipped from the far east. It is reported that ships are already changing course to the Cape of Good Hope, adding many days to the usual time required. More info from Zero Hedge:
Here’s today’s overview of the continued logjam at the Suez Canal:
- At Least 20 Vessels Carrying Livestock Stuck At Canal
- IKEA Warns Containers Filled With Goods Blocked By Suez Crisis
- Vessels Already Diverting Course from Suez Canal To Cape Of Good Hope
- US Navy Arrives Saturday To Assess Ever Given
- 300 Vessels Waiting To Traverse Canal
- Tanker Rates For Suezmax Vessels climb to $17k Per Day
- Suez Blockage Results In Rising Container Prices From China To Europe
- Tugboats And Dredging Ships Were Unsuccessful In Refloating Ever Given
- Bloomberg Report Process To Refloat Ever Given Could Take Until Next Wednesday
- Shoei Kisen, The Japanese Owner Of Ever Given, Aims To Dislodge Vessel From Canal Bank By Saturday
- Suez Canal Authority (SCA) To Cooperate With US To Refloat Ever Given