Suez Canal normalized in 11 days… Relieve congestion by increasing the speed of vessel operation

Five days after the accident hull was lifted… “Easy to transport all goods”

Egypt to claim 1 trillion indemnity… Pay attention to the responsible entity

With the Suez Canal reopening, a container ship is passing through the canal section near Ismailia, Egypt, on the 31st of last month (local time)./Reuters Yonhap News

The congestion of the Suez Canal in Egypt has been released, and the flow of global maritime trade has returned to normal.

According to the Wall Street Journal (WSJ) on the 4th (local time), ship operations rapidly accelerated following the declaration of the Suez Canal Administration (SCA) to clear the canal congestion. It has been 11 days since the super-large container ship Evergiven blocked the canal on the 23rd of last month, and five days since the Evergiven was supported on the 29th of last month.

On the day when the congestion was declared to be resolved, a total of 85 ships passed the canal, including 61 remaining until the last of the 422 ships waiting for the Evergiven to be supported. Considering that the original Suez Canal averaged 40-50 vessels per day, it means that a larger number of boats have passed through the canal than usual to relieve the congestion.

According to WSJ, many ships that passed through the canal recently flew 8 to 10 knots faster than the maximum speed limit (7.6 to 8.6 knots, about 14 to 16 km per hour). It is observed that ships have passed the canal faster than before to help resolve congestion. WSJ added that “shipping of all goods from crude oil and gas to consumer goods and livestock has become easier.”

The Suez Canal, which contains 14% of international maritime trade volume and 10% of crude oil transported by sea, was blocked, causing great confusion in global commerce. Shipping information company Lloyd-Rist estimated that transportation of cargo worth $9.6 billion between Asia and Europe was delayed every day due to the congestion of the Suez Canal. It is also estimated that Egypt, where profits from the Suez Canal accounted for 2% of gross domestic product (GDP) due to tolls before the new coronavirus infection (Corona 19) pandemic.

Earlier, SCA Commissioner Osama Ravi mentioned that he lost 14 million to 15 million dollars a day (about 15.8 to 16.9 billion won) as the canal traffic was blocked. As the canal congestion is resolved, attention is now focused on who will be responsible for this unprecedented situation. Egypt said it would claim compensation of 1 billion dollars (about 1,129 billion won) in relation to the incident, but details such as the subject of the claim have not been disclosed yet.

The AFP news agency pointed out that the Suez Canal congestion worsened the situation while the Corona 19 pandemic caused delays in international transportation. “The two incidents started a discussion that the transportation industry needs reform,” he said. “There is an opinion that the (transport industry) needs to be digitalized even more for smooth logistics and emergency response.”

/ Intern reporter Park Yena [email protected]

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