The Young FirmBlogMaritime NewsMaritime Industry in the Spotlight: the Suez Canal Chaos

Maritime Industry in the Spotlight: the Suez Canal Chaos

It’s not often the maritime or offshore industry makes headlines—but when we do—it is usually for something memorable, if not catastrophic. When the industry starts drawing worldwide attention from giants like New York Times, the BBC, CNN, and nearly every other media outlet, you can bet that something especially noteworthy is happening.

Imagine 10-12% of worldwide maritime shipping traffic halted after one gigantic container ship mapped the course of a large phallus, before wedging itself in one of the busiest water traffic ways in the world. Absurd, yes. Made up? Unfortunately not. For 6 days the M/V Ever Given blocked the Suez Canal, costing the world upwards of $50 billion.

As of Monday, March 29, the Ever Given was dislodged from the canal bank giving tentative hope that shipping traffic could soon resume.

Why should you care?

The short answer: it could cost you more money to buy things, and you have to wait longer to get them. The long answer: consider this passage between Africa and Asia offers a 10-day shortcut to about 50 ships per day, each carrying $3 to $9 Billion dollars net worth of cargo. Much of the cargo is crude and refined oil and the rest is largely consumer goods ranging from clothing, furniture, auto parts, and even manufacturing component equipment. Disruptions to the global supply chain are imminent with a consumer inflation factor for added flare in 2021. If you want to keep up on this story check out gCaptain for detailed updates.

Out of Chaos: Comedy

While this is a very serious and unfortunate situation with worldwide economic impact—the internet is still doing what it does best, making it difficult to keep a straight face. 

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