March 29 (BBC) – About 12% of global trade, around one million barrels of oil and roughly 8% of liquefied natural gas pass through the canal each day.
General Rabie told reporters on Saturday that the Canal’s revenues were taking a $14-$15m (£10.2m-£10.9m) hit for each day that the blockage continues.
This is despite the fact that the canal opened an older channel to try to get more ships through.
Prior to the pandemic, trade passing through the Suez Canal contributed to 2% of Egypt’s GDP, according to Moody’s.
Separately, data from shipping journal Lloyd’s List shows the stranded ship is holding up an estimated $9.6bn of trade along the waterway each day. That equates to $400m and 3.3 million tonnes of cargo an hour, or $6.7m a minute.
Looking at the bigger picture, German insurer Allianz said on Friday its analysis showed the blockage could cost global trade between $6bn to $10bn a week and reduce annual trade growth by 0.2 to 0.4 percentage points.
And shipping broker Braemar ACM told the Wall Street Journal that the cost of renting some vessels to ship cargo to and from Asia and the Middle East jumped 47% this week to $2.2m.
Some vessels are being rerouted to avoid the Suez Canal. That is adding around eight days to their total journeys.
