Dikhyaa Mohanty 
MV Ever Given, the 400-meter long container vessel was finally freed after six days of completion which was stuck and blocked Egypt’s Suez Canal. With hard efforts, the massive cargo ship was successfully freed and refloats which got diagonally stuck on the 193 Kilometre narrow waterway since 23rd March 2021.
On 29th March there was a sign of relief when the salvage authorities finally managed to free the 2.20 Lakh tonne stranded ship- MV Ever Given which is considered as the world’s largest container ship that was struck for the past six days. The incident had brought a major portion of the world’s seaborne trade to a standstill and led to massive disruption in global supply chains.
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With the floating of the ship back the normal traffic has now resumed of the narrow Suez Canal passage but the blockage of the passive for the last six days resulted in a massive economic loss. Due to the block of the passage hundred of ships ferrying cargo worth, billions were stuck in traffic and some were forced to reroute which caused a significant delay in essential shipments.
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As per the reports due to the incident, several nations which are located in the eastern and western parts of the world have suffered a devastating economic blow. Along with other countries, India also faced hundreds of crores of losses due to the passage blockage.
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As per the data from Lloyd’s list, Suez Canal is one of the world’s biggest shipping channels for oil and refined grain and other trade linking east to west. The Suez Canal blockage roughly cost 12 per cent of global trade and was holding up trade valued at over $9 billion per day. For six days of blockage, the total trade loss has been estimated at roughly around $54 billion.
But the report also stated that the actual economic damage suffered by the countries across the world could be much higher. The prices of the most important commodities like crude oil and gas fluctuate and the blockage caused a huge amount of loss. Even the additional shipping operational charges, commodity prices, and shipping delays are also factored in.
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According to Suez Canal Authority Chairman Osama Rabie, the Canal’s revenue alone was taking a hit of $14 million to $15 million per day.
Besides the global trade loss due to delays in cargo shipments, the Suez Canal blockage had also impacted several businesses around the globe, ranging from shipping operators to e-commerce retailers.
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