International General: International: News: Hankyoreh Mobile

There are concerns that the Suez Canal in Egypt, which was blocked due to the aground of a super-large cargo ship, could spread to a global logistics crisis. The Suez Canal Authority (SCA) is working to resume operation of the’Ever Given’, a large container ship stranded in the waterway as of the 24th, but has not disclosed when the canal will resume. Ever Given, owned by Taiwanese shipbuilder Evergreen, passed through the Suez Canal on the morning of the 23rd and was stranded at the southern end. This 220,000-ton ship is 443m, which is similar in length to the US Empire State Building, and is one of the world’s largest container ships. The ship is standing diagonally across the canal. Tugboats are working to resume operation by pulling Ever Given, but there is no progress. As of the afternoon of the 24th due to Ever Given’s aground, about 100 ships are waiting without passing through the canal. The Suez Canal, which is 193km long, passes through 50 ships every day. Suez Canal accounts for at least 10% of the world’s cargo and oil traffic. Delayed reopening of the Suez Canal could lead to global supply chain disruption. When the canal was closed, Brent, the standard for international oil prices, surged 6 percent to $64 a barrel. About 13 million barrels of crude oil and petroleum products transported through the canal are currently waiting at the entrance to the canal. Shipping analysts believe that if the canal is closed, it is likely to fuel congestion, shortage of containers, and rising freight rates. Lars Jensen, chief executive of’City Intelligence Consulting’, a shipping information company, said, “This situation is likely to create a bottleneck in European ports next week.” The container ship’s turnaround will also be delayed,” he pointed out. According to the Suez Canal Authority, 50% of the ships passing through the canal in February were container ships. If this situation prolongs, it is possible that ships trying to pass through the Suez Canal will switch routes around the Cape of Good Hope in South Africa. Ranjit Raja, who is in charge of Middle East oil transportation at financial information company Refinitiv, said, “It can take days to weeks for the canal to be resolved. It is expected to have a ripple effect on the back,” he said. Senior Reporter Eui-Gil Jung [email protected]