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Suez Canal blocked: 12% of world trade in question


Marec, 24 2021
watermark Economic news

One of the largest container ships in the world, owned by the Taiwanese company Evergreen Marine, ran aground in the Suez Canal, completely blocking traffic on the most important trade route connecting Europe, Asia and the United States to the Middle East.


Experts note that about 12% of world trade passes through this channel, 30% of the world's container ships' capacity per year, and about 600 thousand barrels of crude oil from the Middle East to Europe and the United States every day. Moreover, the Suez Canal remains the main source of income for Egypt.


At the moment it became known that at the entrance to the canal tankers with oil and liquefied natural gas, container ships with various goods and dry cargo vessels are accumulating. If congestion continues until the end of this week, it will affect the transit of 15 LNG tankers and disrupt the entire shipping schedule. Unblocking of the channel is expected to take several days at best.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.