Evergreen's Ever Given super-hauler container ship which has been stuck in the Suez Canal since Tuesday was finally un-stuck. Naturally I've been reading up on all things Suez Canal this week because that's just the kind of person I am.
What's so interesting to me is that the Suez Canal costs loads of money to take your ship through. LOADS of money. Because of how massive the Ever Given is, I would not be the least bit surprised if the fee is millions of dollars. $5 million+ feels about ballpark because that baby is huge. Smaller ships cost less, of course, but given that 50+ ships are going through the canal every day... Egypt is making serious bank. A reported $14 to $15 million on an average day (though I would not be shocked if that wasn't a conservative estimate).
So while it's probably hundreds of thousands dollars cheaper to go around Africa (extra labor and fuel considered), you're losing precious time. Depending on the starting and ending destination, you could be adding anywhere from five to ten days. That's five to ten days your ships are not able to be transporting more cargo. Which means lost revenue. Hence the reason the Suez Canal is so popular. When they calculated it out, they estimate that $9.6 billion dollars in trade was being held up by the Ever Given before operations resumed.
Since the Suez Canal is mainly for freight that travels between Europe and Asia, you'd think that the USA wouldn't be terribly affected. Anything from Europe to the East Coast is a straight shot. Anything from Europe to the West Coast uses the Panama Canal. Then it's vice-versa from Asia to the USA. But global trade doesn't really work like that. The ramifications of the Europe-to-Asia-to-Europe route shutting down will undoubtedly cause all kinds of problems that spill over into the Americas.
As if the world didn't have enough trouble already.
The official cause of all this was chalked up to "wind." In which case there wasn't a lot that the Ever Given could do. At that size, it undoubtedly had a tug or two helping to keep it on course, so you can't even put the blame entirely on Evergreen's captain.
Shit happens y'all.
Just don't be surprised if a roll of toilet paper to wipe it costs more over the next several months.