Cargo ship stuck in Suez Canal finally refloated

The cargo ship stuck in Egypt’s Suez Canal for the last six days finally started today. The ship carried freight between Asia and Europe. More than 150 cargo ships were trapped on both sides as the ship got stuck in the canal. According to media reports, there has been a loss of about 50 thousand millions due to non-supply of goods in time. The loss is estimated at $ 400 million per hour. It has been reported that the giant container ship has been partially re-floated. This has now re-opened the traffic.

Damage caused due to obstruction of traffic

• Europe has suffered the most due to the movement of ships from the Suez Canal.
• Due to this, there was a shortage of those food and drink items, which are transported through this route.
• Robusta coffee futures rose 2.8% in London on fears of supply delays.
• The difference between May delivery and July delivery futures increased by more than 30%.
• It led to a jump in the prices of crude oil in the international market. Brent crude in New York rose 2.16% to $ 63.29 a barrel.
• West Texas Intermediate crude oil gained 2.54% to $ 60.05 a barrel.

One of the world’s largest ships

The name of this cargo ship is ‘The Ever Given’. This Panama ship works as a freight train between Asia and Europe. Its length is 1300 feet. On Tuesday, March 23, the ship was stuck in the Suez Canal, disrupting traffic on both sides. Oil is loaded on this ship. The crew of this ship also has about 25 Indians. Around 150 ships were stranded in this traffic jam, including about 10 crude tankers loaded with 13 million barrels of crude oil. Due to this, the delivery of petroleum products was delayed in many countries and crude oil prices had skyrocketed after the cargo got stuck.