Source: CNBC The big ship, the Ever Given, is finally freed after 6 days of blocking the Suez Canal.
The Ever Given ship was finally freed from the shores of the Suez Canal on Monday around 3 in the afternoon after six days of blockage. By 6 p.m., the stopped traffic of more than 300 boats resumed their journey.
On the day the Suez Canal was blocked, there were winds of 70 miles per hour. This created blinding sand storms that essentially resulted in the 1,300-foot cargo ship wedged diagonally in the canal. The Ever Given holds almost 20,000 containers.
Along with the full effort of salvage crews pushing and pulling the huge ship, the full moon on Sunday resulted in a high tide that proved vital to the freeing of the Ever Given. Tugboats and dredgers continued to return the boat to the water. The ship was moved to the widest part of the canal, the Great Bitter Lake, to be inspected for any damage.
This crisis had painted a negative image for the future of the global trading system because everyday that the Ever Given blocked the Suez Canal, the global supply was suffering. The Suez Canal is a route that allows for the quick transport of vessels packed with goods like cars, oil, etc. to Asia, the Middle East, and Europe. It is a much easier path than the alternate voyage around the southern tip of Africa. Along with the great length of the journey, the Somalian piracy threat brings on reluctance. With the canal blocked, many ships had faced a serious dilemma of whether or not to try the weeks-long path around Africa instead or wait for the canal to open again.
The chairman of the Suez Canal Authority Osama Rabie said the disruption cost Egypt $12 million to $15 million a day. However, oil prices fell in the hopes that the hundreds of other ships that carry oil and petroleum would soon reach their destinations. Despite the fact that the Suez Canal is reopened, it will take a bit more time for the hundreds of vessels make their passage.