Ship Blocking Suez Canal is Delaying $400 Million In Goods Per Hour

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The cargo ship blocking the Suez Canal is estimated to delay $400 million an hour in goods.

The cargo ship blocking the Suez Canal is estimated to delay $400 million an hour in goods, according to Business Insider.

Shipping data and news company Lloyd's List made the estimate of $400 million an hour in trade based on the approximate value of goods that go through the Suez Canal daily. The ship, called the Ever Given, has been stuck in the canal running through Egypt since early Tuesday. The Suez Canal is the main shipping route connecting Europe and Asia.

On average, 93 vessels pass through the canal each day which means almost 500 ships have been blocked so far. Recently, the main rudder was cleared of debris and the tide was expected to rise with hopes that the vessel could be freed soon.

“Every day that the vessel remains wedged across the canal adds delays to normal cargo flows,” according to the ship's owner, Japanese company Shoei Kisen, said Friday. “Many companies continue to struggle with supply chain congestion and delays stemming from the pandemic. There is no doubt the delays will ripple through the supply chain and cause additional challenges."

The Ever Given is slightly larger than the Empire State Building. The blockage has forced some ships to take the long route around Africa's southern tip, increasing costs and time. The event further exacerbates the global supply chain issues that were made prevalent in the past year by the pandemic.

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