Suez Canal Blockage Delaying An Estimated $400M An Hour In Goods

The stranded mega-container vessel, Ever Given in the Suez Canal, is holding up an estimated $400 million an hour in trade, based on the approximate value of goods that are moved through the Suez every day, according to shipping data and news company Lloyd’s List.

Lloyd’s values the canal’s westbound traffic at roughly $5.1 billion a day, and eastbound traffic at around $4.5 billion a day.

The blockage is further stressing an already strained supply chain, said Jon Gold, vice president of supply chain and customs policy for the National Retail Federation.

‘Every day that the vessel remains wedged across the canal adds delays to normal cargo flows,’ he said, adding that the trade group’s members are actively working with carriers to monitor the situation and determine the best mitigation strategies.

‘Many companies continue to struggle with supply chain congestion and delays stemming from the pandemic. There is no doubt the delays will ripple through the supply chain and cause additional challenges.’

Read Full Article LitigationSalvageMarine