Question

Write an article of 200 words on the economic crisis which occurred because of a ship getting stuck in the Suez Canal in the month of March.​

Answer 1

The crisis included extensive fuel costs, overhead costs and transportation delays.

• The vessel in the Suez canal was stuck due to both technical and human errors which affected various economic elements.
• The economic crisis that occurred were -

1. The canal routinely transports about eleven percent of world trade, one million barrels of crude, and eight percent of liquefied natural gas, which were stopped as a result of blockage.
2. The Canal's earnings lost over $12 million a day due to the blockage.
3. The blockage had also reduced the annual trade development by 0.1 to 0.3 percentage marks.
4. Many were rerouted to prevent passing through the canal which added around seven more days to their average travel time, thereby also increasing the fuel consumption.

Answer 2

The Ever Given Economic Crisis  

Though only one ship, called the Ever Given was stuck in the Suez Canal in the month of March 2021, the event caused a global economic crisis. The ship got stuck diagonally in the canal in a way that there was no space for any other vessels to go through the canal. It was only on the 6th day that the ship was released and the traffic jam was eased out. Though the movement of vessels resumed along the waterway, the damage to trade had already been done.

The direct impact of the event was that more than 350 ships got delayed. Supplies reached their destinations later than expected and reached the consumers even later. Also, many other manufacturers were forced to send their materials by air, considerably raising the prices. Yet others who had to stick to the water routes had to reroute the ships, sending them on longer journeys, again impacting the time taken and final cost of the products. Clearly, trade suffered.

Other industry sources have claimed that the hold-up cost global trade a whopping $900 million. The Suez Canal authorities lost $15 million of transit fees per day, Egypt’s economy was heavily impacted as were shipping rates across the world. It took one ship to trigger an economic crisis in less than a week!  

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