Assessment from insurance company Allianz on the risk to the global economy due to a ship stuck in the Suez Canal.

March 31, 2021
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“We calculate that each day of immobilization could cost global trade $6 billion to $10 billion.”

About 10% of global trade passes through this canal.

  • The large cargo ship, the Ever Given, was wedged perpendicular to the canal, blocking traffic. 300+ ships waiting for passage remain blocked at this time.
  • The delays could lead not only to massive losses for companies but also higher prices for goods.
  • Why It Matters: From animals to crude oil, global trade is impacted by this traffic jam.

by Jenna Lee,