This satellite image from Maxar Technologies shows excavation work in an atempt to free the cargo ship MV Ever Given that is stuck in the Suez Canal near Suez, Egypt, Sunday, March 28, 2021.
(Maxar Technologies via AP)Delays in freeing a mammoth container ship stuck in Egypt’s Suez Canal have highlighted still more pressure points in global trade, a year after supply chains were disrupted by the pandemic.
About 12% of global trade by volume goes through the Suez Canal, but it accounts for 30% of the world’s daily shipping container freight.
Nearly 10% of oil shipments and 8% of global liquid natural gas moves through the Suez Canal, according to the U.S. Energy Information Administration.
The disruption from the canal blockage comes at tricky time for international trade and shipping, noted Fiona Boal, global head of commodities at S&P Dow Jones Indices.