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Suez Canal Blockage: Large Container Ship Blocks World Trade

The SUEZ Canal which is connector between Meddditerian and Red Sea has been blocked by a Large Cargo ship named Evergiven.

The ship turned sideways due to storms and hit the shore. All the traffic at the Suez Canal is currently held due to the Blockage. The Suez Canal was constructed by the Suez Canal Company between 1859 and 1869, it officially opened on 17 November 1869. The Suez Canal is an artificial sea-level waterway in Egypt, connecting the Mediterranean Sea to the Red Sea through the Isthmus of Suez; and dividing Africa and Asia. 

There is a huge loss of Business with Oil prices rising due to the same and huge ship fare due to the same. 

SUEZ Canal

A few key affects and facts about the ship are as below:

1) Cost per Hour: The Suez Canal blockage is costing the world trade approx. $400 Million (Rs 2920 Crore) per Hour. The costs involved are huge in terms of time and delay in delivery in the times of Financial Year end.

2) All Indian Crew: The Ship Ever Given which is owned by Company Evergreen. The Crew is an All Indian Crew consisting of 25 crew members.

3) The longest Jam in History: The Jam in the Suez Canal was over 8 years which started during War between Israel and Egypt. There were 14 ships which were stranded due from 1967 to 1975.

4) Specification of Ship: The Ship is 400 m long. It is equal to a length of 4 football Pitches. The current load on the Cargo ship is 200,000 Tons. There are dozens of other ships stranded due to the same.

SUEZ Canal

5) The longer route: The Ships will have to go around the whole of Africa which will be 8300 km more than the current route. It will take ships 7 days more to cross the over to Europe. 

6) Trade Volume: The Suez Canal overseas 12% of the World Trade at the moment which is being affected by the blockage. Oil Prices have risen due to the same.

There are small rescue missions deployed at the Canal to afloat the ship again and all methods are being tried. We hope for the Suez Canal to start functioning soon.

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