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The cost of the navigation crisis in the Suez Canal is $ 10 billion a week – Economy – Arab and International


The German giant “Allianz” insurance company estimated the losses resulting from the disruption of navigation in the Suez Canal after the container ship “Ever Geffen” ran aground at between 6 and 10 billion dollars per week for global trade.
Allianz economists said in an analysis published today, Friday, that in 2019, 1.25 million tons of goods were transported through the canal, or 13% of the total global trade volume.

Germany’s largest insurance company expects that “this accident will, in particular, delay the delivery of everyday products to consumers around the world.”

The “Evergreen” vessel, a 400-meter-long container ship operated by the Taiwanese shipping company “Evergreen”, ran aground and blocked the canal’s course since last Tuesday.

According to Allianz, congestion in the Suez Canal exacerbates the problem of delaying and stopping the supply of goods in global trade. The shortage of supplies in semiconductors and other products since the beginning of the year may mean a loss of $ 230 billion, or 1.4%, of global trade.

Allianz explained that the implications of the accident from this perspective for Europe may be similar to the effects of the first closure associated with containing the Corona pandemic in the spring of 2020, and perhaps worse for the United States.

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Source site www.emaratalyoum.com

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