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| The satellite picture by CNES 2021 delivered on Thursday via Airbus DS shows the Ever Given compartment ship lodged sideways and hindering all traffic across the stream of Egypt's Suez Canal.| AFP/ CNES 2020 |
What is Suez Canal
The Suez Canal is a fake ocean level stream in Egypt, associating the Mediterranean Sea to the Red Sea through the Isthmus of Suez and separating Africa and Asia. Built somewhere in the range of 1859 and 1869 by the Suez Canal Company shaped by Ferdinand de Lesseps in 1858, it formally opened on 17 November 1869.
What is MV Ever Given
on March 23, 2021, a massive, one of the World's largest 200000 Tonne (2 lakh tonnes), 1312 feet long, Cargo Ship named MV Ever Given owned by Taiwanese company Evergreen Marine, which started its journey from Malaysia to Netherlands got stuck in Suez Canal and it disrupted the global trade particularly between Asia and Europe. The ship has turned sideways and blocked the trade route. It halts major repercussions for the global shipping system. The ship turned sideways due to 40-knot winds and blinding dust storm and wedged itself into the two banks of the stream. Digging groups are moving huge measures of sand to free a skyscraper-size container ship stuck in the Suez Canal, one of the world's busiest delivery courses.
Importance of Suez Canal
The Suez waterway associates Egypt's Port Said on the Mediterranean Sea to the Indian Ocean through the Southern Egyptian City of the Suez on the Red Sea. It reduces the distance between Asia and Europe by humongous 7000 km and carries 12% of the World Trade by Volume. The stranded ship has 25 Indian crew members on board and all are safe. According to Lloyd's List data, at present over 200 container ships including 40 bulk carriers and around 25 crude tankers, are waiting to enter into Suez Canal on either of its ends.
Trade Loss
Currently, stranded ship is holding cargo of upto $9.6bn (Rs. 70,000 Crore) per day which is costing about $400 million (2,900 Crore) per hour as per Llyod's list. The Europe bound traffic is valued at approximately $5.1bn (Rs.510 Crore) while Asia bound traffic is at around $4.5bn (Rs.450 Crore). 5-10% of seaborne crude oil is transported through the canal. The disruption causes shipment delays of around 3-5 million barrels of oil per day.
Lloyd's List
Lloyd's
List is one of the world's most seasoned ceaselessly running diaries,
having given week by week dispatching news in London as right on time as
1734. It was distributed every day until 2013, and is in continually
refreshed advanced arrangement just from that point forward.
History of Yellow Fleet Crisis in Suez Canal
Flash-backing into 1967, in June, when the fleet of 14 cargo ships passing through the canal , the war broke out between Egypt and Israel, which lasted for only few days, but ships remained stranded there for 8 years. Egypt closed the Suez Canal, as the debris and wreckage caused by war, jammed the canal. Eventually, cargo ships were abandoned by the crew, which were later on covered by the desert sand blown by the winds, leading its name to Yellow Fleet. The sea route remained jammed until ceasefire agreed upon by the two countries in 1973. The canal re-opened in 1975, after that.
Meanwhile, Evergreen Marine said that attempt will be made to refloat the ship by taking the advantage of tidal movements on Saturday. Ten tugboats has also been deployed to carry out the operation. The company is having all the container ships named in the 'Ever' + G-word format like Ever Goods, Ever Gaining etc. Among others.
Breaking News
As on March 29, 2021, the Monday, the ship is ready to refloat on its route from Malaysia to Netherlands, after 6 days of being stuckes there.
