Suez Shipping Knots May Take a Few Months to Untangle
The Ever Given during attempts to re-float the vessel in the Suez Canal early Monday.
Good news: The ship saga in the Suez Canal looks a step closer to ending in days rather than weeks. The bad news is it might be just the start of more longer-term problems that will make global trade even slower and costlier.
The container ship Ever Given was partially freed from her earthen berth Monday morning in Egypt, and refloat maneuvers are continuing. Nearly 450 vessels are waiting on either side of the canal for it to reopen. Ballpark guesses say the backlog may take a week to clear. According to an estimate from Hayfin's maritime team, it may take 12 days.