As many as 237 vessels are waiting to transit the Suez Canal; the number is up from 185 on Wednesday and 100 on Tuesday. With multiple attempts to refloat the ship (all unsuccessful), the number of vessels waiting to transit the canal will likely increase. This is the moment when part of the global supply chain seizes up.
Update (1147 ET): The technical manager of the mega containership stranded in the Suez Canal said, “another effort to re-float the vessel will be undertaken later in the day after an earlier attempt was unsuccessful,” according to Al Arabiya English.
The shutdown of the world’s most important shipping lane appears to be causing all sorts of havoc across the global supply chain. As we noted moments ago, global shippers are rerouting ships from the Suez to around the Cape of Good Hope.
Update (0956ET): Daily Mail’s deputy political editor John Stevens tweets the British government “stands ready” to support operations to free the containership blocking the Suez Canal.
Boris Johnson’s spokesman:
“We are ready to provide any assistance that we can but have not been asked yet.”
Update (0942 ET): The massive containership blocking the Suez Canal remains stuck in place and unable to refloat on Thursday. Each day the canal is blocked, it halts about $9.6 billion of traffic through the world’s most important shipping lane.
The Suez Canal Authority’s knock-on effects on closing the 120-mile long canal will likely cause shipping traffic jams at both entrances of the canal, delayed shipments, supply chain disruptions, rising prices of certain commodities, and may push up freight rates. – READ MORE
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