A ship got stuck sideways in the Suez canal (one of the world's largest container ships). It's a #1 economic news headline.
That's a photo of them trying to dig a hole so the boat can refloat. They're dredging the canal and shore to try and get it free. The current estimate is that they're going to have to take containers off the boat to lighten it, a process that could take weeks.
All trade between Asia and Europe is pretty much ****ed until this is fixed.
The additional fuel costs of going around are actually more than the loitering costs of waiting for most of the shippers for quite a long time.
The real issue is that the equipment necessary to deal quickly with this type of problem at this type of scale takes days or weeks to load onto the transport... which then takes weeks to move to Egypt, then takes weeks to actually fix the boat.
?
A ship got stuck sideways in the Suez canal (one of the world's largest container ships). It's a #1 economic news headline.
That's a photo of them trying to dig a hole so the boat can refloat. They're dredging the canal and shore to try and get it free. The current estimate is that they're going to have to take containers off the boat to lighten it, a process that could take weeks.
All trade between Asia and Europe is pretty much ****ed until this is fixed.
They will have to go around, like they have before. Even this ship would have had to go around a few years ago, before they widened the canal.
The additional fuel costs of going around are actually more than the loitering costs of waiting for most of the shippers for quite a long time.
The real issue is that the equipment necessary to deal quickly with this type of problem at this type of scale takes days or weeks to load onto the transport... which then takes weeks to move to Egypt, then takes weeks to actually fix the boat.
Countdown to world oil crisis....
Welp... Guess I'm not getting a PS5 any time soon.