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As massive ship remains stuck in the Suez Canal, signs of global economic toll emerge
The Pittsburgh Post-Gazette ^ | March 27, 2021 | Sudarsan Raghavan, The Washington Post

Posted on 03/27/2021 1:46:07 PM PDT by Tolerance Sucks Rocks

CAIRO - A giant container ship remained wedged sideways in the Suez Canal on Friday as signs of its potentially huge global economic toll emerged with shipping rates rising and cargo ships being rerouted away from the vital waterway.

The Ever Given, a Panama-flagged vessel whose length is nearly the height of the Empire State Building, has been stuck in the canal since Tuesday, creating a massive traffic jam on both sides of the waterway that connects Asia to Europe.

On Friday morning, the canal’s service provider, Leth Agencies, said in a tweet that the Ever Given “remains grounded in the same position” with tugboats and dredgers working to “refloat” the vessel, which is blocking the flow of an estimated $12 billion in goods.

With some experts predicting that freeing the ship could take weeks, some global shipping companies on Friday began seeking alternative routes for their cargo.

At least seven tankers carrying liquefied natural gas were diverted, including three steered toward the longer route to Europe via the Cape of Good Hope in southern Africa. Another nine more tankers are expected to be diverted if the blockage continues into the weekend, an analyst for data intelligence firm Kpler told the Guardian newspaper.

At least four long range oil tankers with the capacity to haul 75,000 tons of oil are also possibly headed around the Cape of Good Hope, London-based ship brokering firm, Braemar ACM told Reuters, adding that shipping rates have nearly doubled this week “as the market starts to price in fewer vessels being available in the region.”

(Excerpt) Read more at post-gazette.com ...


TOPICS: Business/Economy; Egypt; Foreign Affairs; Government; Japan; News/Current Events
KEYWORDS: accident; canal; china; containers; egypt; evergiven; evergreen; mishap; naturalgas; oil; opec; prices; redchina; shipping; suez; suezcanal; taiwan
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To: All

21 posted on 03/27/2021 2:09:26 PM PDT by Liz (Our side has 8 trillion bullets; the other side doesn't know which bathroom to use. )
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To: Diana in Wisconsin

And after being hauled from Guatemala to the store and go brown two days after arriving at my house.


22 posted on 03/27/2021 2:09:37 PM PDT by Meatspace
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To: House Atreides

The problem there being dragging the ship and possibly damaging the hull below the waterline. They should unload the cargo first.


23 posted on 03/27/2021 2:09:46 PM PDT by CMB_polarization
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To: Tolerance Sucks Rocks

Yeah, yeah. Yet another excuse to jack up gas prices $2.00 per gallon. Since the Marxist’s got into office gas prices have skyrocketed and yet on the news the other nite, the puke talking head says it cannot be blamed on Washington. Can’t my wrinkled old behind. These punks have cut 12,000 jobs in North Dakota and in the oil industry and caused us to go from an exporting to once again having to import oil. Yeah, right. Don’t blame it on the Marxist’s Deadbrain in Sodom on the Potomac.


24 posted on 03/27/2021 2:10:03 PM PDT by RetiredArmy (Free Will. GOD gives you the choice I accept or reject Him! Choose Him. It depends on you.)
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To: Tolerance Sucks Rocks

We all need to start our cars and let them idle for several days. The increased global warming will melt the ice caps and raise the sea level making it easier to un-lodge the ship./s


25 posted on 03/27/2021 2:10:37 PM PDT by Neverlift (When someone says "you just can't make this stuff up" odds are good, somebody did.)
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To: Tolerance Sucks Rocks
"With some experts predicting that freeing the ship could take weeks, some global shipping companies on Friday began seeking alternative routes for their cargo."

This wouldn't be a problem had they spent a few bucks and got a map from AAA! ;)


26 posted on 03/27/2021 2:12:06 PM PDT by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust post-Apocalyptic skill set. )
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To: Diana in Wisconsin

Your bananas are safe, US bananas come from Central America.


27 posted on 03/27/2021 2:13:34 PM PDT by Cold Heart
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To: granite

“Land-based winches and steel rope properly placed should do it.”

If you use too much force you fracture the hull and make a couple-week job into a year-long job.


28 posted on 03/27/2021 2:13:51 PM PDT by steve86 (Prophecies of Maelmhaedhoc O'Morgair (Latin form: Malachy))
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To: Afterguard

Nasser had the balls to stand up to the Brits who could do nothing to dislodge him. The only good thing I can say about him is that he showed the remnants and the British Empire how insignificant they truly were at that point.


29 posted on 03/27/2021 2:14:02 PM PDT by Clemenza
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To: RetiredArmy

Fracking moratoria are going to bounce up the price of oil. That’s all there is to it.


30 posted on 03/27/2021 2:16:39 PM PDT by Tolerance Sucks Rocks (GOP-free since 10/9/20)
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To: Neverlift

One of the funniest posts I have ever read.


31 posted on 03/27/2021 2:16:52 PM PDT by Dave W
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To: Olog-hai; Tolerance Sucks Rocks

The Evergreen company is a big Taiwanese transportation corporation. If you ever see a freight train go by you will see tons of containers with the Evergreen label.

https://en.m.wikipedia.org/wiki/Evergreen_Group


32 posted on 03/27/2021 2:16:57 PM PDT by aquila48 (Do not let them make you care! Guilting you is how they control you. )
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>
33 posted on 03/27/2021 2:17:39 PM PDT by deport ( )
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To: Meatspace

To me, the only useful banana IS an over-ripe banana! :)

35 Ways to Use Overripe Bananas That Aren’t Banana Bread

https://www.myrecipes.com/ingredients/fruit-recipes/overripe-banana-recipes-besides-bread


34 posted on 03/27/2021 2:18:09 PM PDT by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust post-Apocalyptic skill set. )
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To: Diana in Wisconsin
How the HECK can bananas come from so far away and only cost 39-cents per pound?

It's very sophisticated high finance using Hedging strategies involving derivatives, such as options and futures contracts.

Hedging is also used as a risk management strategy to offset possible losses by taking an opposite position in a related asset.

The reduction in risk provided by hedging also typically results in a reduction in potential profits.

35 posted on 03/27/2021 2:18:17 PM PDT by Liz (Our side has 8 trillion bullets; the other side doesn't know which bathroom to use. )
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To: Liz

I got a Ford F150 that could pull that out with a tether.


36 posted on 03/27/2021 2:19:45 PM PDT by Eddie01
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To: Tolerance Sucks Rocks

Something seems weird here.


37 posted on 03/27/2021 2:19:47 PM PDT by toddausauras (How far will the left go in terms of destroying our personal freedoms?)
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To: Tolerance Sucks Rocks

Welp...probably where my new bird feeder is.


38 posted on 03/27/2021 2:19:58 PM PDT by ZinGirl (Now a grandma ....can't afford a tagline :))
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To: Meatspace

It’s not just the Egyptians, but 6-7 major choke points in the world the Suez Canal is just one, throw in the Panama Canal, Straits of Hormuz, Malaca Straits, South China Sea, Gibraltar, etc.....think what a Navy larger than the USA could do with a few strategically placed ships and a little sabotage......


39 posted on 03/27/2021 2:20:16 PM PDT by srmanuel
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To: Eddie01

Cute......


40 posted on 03/27/2021 2:20:43 PM PDT by Liz (Our side has 8 trillion bullets; the other side doesn't know which bathroom to use. )
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