Curtail on 12% of global trade – business loss at over $400 Million An Hour

0
151
business news, latest business news, economy news, indian economy News, share market news, breaking business news, Sensex updates, bse, nse, stock exchange news, stocks news, banking sector news, news on economy, news on top companies India power consumption, India power consumption 2021, India power consumption february 2021, India power peak demand, India power peak demand 2021, India power peak demand february 2021, India power consumption rises in february 2021 economy news, economy news india, politics news, indian economy, indian economy news, economy news today, latest economy news, politics news, politics news headlines, business news analysis, corporate business report, indian economy analysis, business eco share market news, share market news today, share market news live, share market today, share market prediction, share market news in india, share market news latest, indian stock market, markets news, Bombay stock exchange, BSE, NSE, best performing stocks Latest Business News, IPO News, Business News, Sensex News, Economy News, Today’s Business News, Stock Market News technology news, technology news india, latest technology news, tech news, tech news india, gadget news, smartphone news, mobile launch news, smartphone launch news, latest gadget news, tech news on mobile launch Corporate houses, big corporate houses, Q1 results, Q2 results, Quarterly results, Corporate policies, business policies, business houses, business, business news Business News, Finance News, India News, BSE/NSE News, Stock Markets News, Sensex NIFTY, Latest Breaking News Headlines market news, market live stock market, rates, stock share value, markets stocks, broker research reports, investment, ipo analysis, Indian Stock/Share Market Live, latest business news, latest business news in india, latest business news today, latest business news headlines, latest business news in tamilnadu, latest business news in tamil, latest business news in india today, latest business news app, latest business news international, latest business news around the world, latest business news articles, latest business news all hindi news paper, latest business news australia, latest business news america, latest business news aston martin, latest business news africa, latest business news bbc, latest business news business standard, latest business news cnbc, latest business news canada, latest business news covid 19, latest business news china, latest business news cnn, www.latest business news.com, latest business news dubai, latest business development news, latest news business day, latest news business daily, latest business news malayalam dhanam, latest business news in denmark, debenhams latest business news, latest business news economic times, latest business news europe, latest business news ethiopia, latest business news english, current business news events, latest business environment news, latest business ethics news, current business ethics news, latest business news for quiz, latest business news from india, latest business news for presentation, latest business news forbes, latest business news from around the world, latest business news headlines for today, latest business and finance news, latest news for business
Business News Today | Live Business News | Business News

The Ever Given which ran aground in the Suez Canal on Tuesday 22nd March 2021 has held up the crucial Suez Canal trade route that moves nearly 12% of global trade. On an average 50 cargo vessels pass through this 193KM long canal every day carrying predominantly oil, automotives and other consumables from the middle east to Europe and the US.

This canal that has been made by connecting 3 natural lakes has been a strategic trade route that world powers have fought for control over since it was completed in 1869.

The massive Ever Given which is about a quarter mile long (400 meters) and weighing in at about 200,000 metric tons was push aground by winds upward of 73kmph while it was travelling through the Canal at about 13 knots.

The Evergiven’s sheer size is overwhelming the efforts to dig it out. Multiple diggers and 8 high capacity tug boats and a few dredging vessels have been deployed to ensure the quick movement of the vessel. There are simultaneous movement containers and ballast from the ship to lighten it and enable movement.

This cargo ship is manned by a crew of 25 Indian nationals who are still on board the vessel.

This is the second major crash involving the Ever Given. In 2019, the cargo ship ran into and severely damaged a small ferry moored on the Elbe River in the German port city of Hamburg. Local authorities in Hamburg had blamed strong wind for the collision.

Shoei Kisen Kaisha ltd, the owner of the Ever Given has issued a statement saying, “In co-operation with local authorities and Bernhard Schulte Shipmanagement, a vessel management company, we are trying to refloat [the Ever Given], but we are facing extreme difficulty. We sincerely apologise for causing a great deal of worry to ships in the Suez Canal and those planning to go through the canal,” it added.

The current estimates are that nearly 200 cargo vessels have been stranded on both sides of the Ever Given unable to continue on their course.

LEAVE A REPLY

Please enter your comment!
Please enter your name here