Suez Canal accident hit world trade

Ever Given, a 400-metre-long (1,300 ft) vessel, ran aground in the Suez Canal on March 23.

The ship ran aground on one of the canal's banks and became stuck, completely obstructing the canal and preventing any vessels from passing through.

Maritime and logistics experts have warned that this incident will likely result in shipping delays of everyday items for customers around the world.

It was estimated that the value of the goods delayed each hour at US$400 million and that every day it takes to clear the obstruction will disrupt an additional US$9 billion worth of goods.

The demand for alternative means of transportation was expected to rise within the next few weeks on Europe to Asia routes as a consequence of shoppers seeking to avoid the disruption and uncertainty caused by the blockage of the canal. (ILKHA)