Bloomberg: Suez Canal Blockage Costing $400M/Hour

The Week reports:

A massive container ship is still stuck in the Suez Canal — and the situation could possibly take “weeks” to resolve. On Tuesday morning, the Ever Given, a cargo ship that’s about a quarter mile long, became stuck in Egypt’s Suez Canal, blocking shipping traffic.

By Friday, it had yet to be successfully moved, and according to Axios, “about 100 ships are stuck in the canal waiting to pass through.”

Bloomberg also reports that a “rough estimate” based on information from Lloyd’s List indicates that “the blockage is costing about $400 million an hour,” as westbound traffic is reportedly worth about $5.1 billion a day, while eastbound traffic is worth about $4.5 billion a day.

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