The stranded megacontainer vessel, Ever Green 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 Lloyds List. Lloyds values the canals 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 groups 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.

The Suez Canal, which separates Africa from Asia, is one of the busiest trade routes in the world, with approximately 12 of total global trade moving through it. Energy exports like liquified natural gas, Crude oil, and refined oil make up 5 to 10 of global shipments. The rest of the traffic is largely consumer products ranging from fire pits to clothing, furniture, manufacturing, auto parts and exercise equipment.

Source FXPro