Closed Suez Canal, 200 Ships Queued, Countless World Losses Page all

SUEZ, KOMPAS.com – Total loss from impact Suez Canal closes are hard to quantify, and analysts say a lot will depend on how long it takes to reopen.

The Suez Canal jammed the result kapal Ever Given or Evergreen ship according to the operator’s name, he got stuck diagonally on both sides of the canal after being carried away by a strong sandstorm.

Ship on the Suez Canal The Panamanian flag is 400 meters long, 59 meters wide and weighs 200,000 tons.

Also read: Blockade of the Suez Canal, the US Military is Ready to Help Out the Ship Ever Given

The ship with a route to Rotterdam, the Netherlands, was stuck since Tuesday (23/3/2021) and made Blocked Suez Canal.

A large container ship ran aground on the Suez Canal after being pushed by a strong gust of wind on Tuesday (23/3/2021).
JULIANNE CONA via INSTAGRAM A large container ship ran aground on the Suez Canal after being pushed by a strong gust of wind on Tuesday (23/3/2021).

Latest report from AFP said, currently there are more than 200 ships lining up, with loads worth billions of US dollars (tens to tens of trillions of rupiah) in them.

The total value of goods delayed in delivery due to the Suez Canal jammed and had to be shipped via alternative routes varies widely.

Jonathan Owens, a logistics specialist at the University of Salford Business School, said merchandise worth US $ 3 billion (Rp.43.22 trillion) usually crosses the Suez Canal every day.

Then the Lloyd’s List of British maritime shipping publications said, the total value of goods passing daily in both directions of the Suez Canal is worth around US $ 9.6 billion (Rp.138.33 trillion).

Also read: The evacuation of Ever Given’s vessel failed on the fourth day of the Suez Canal jammed

PLANET LABS INC via AP Satellite photos from Planet Labs Inc show the Ever Given ship still stuck in the Suez Canal, near Egypt, on Thursday (25/3/2021). The jamming of the 200,000 ton vessel jammed the Suez Canal and 150 ships queued for entry.

The losses are incalculable

Given the number of companies affected by the consequences The Suez Canal is closedDirectly or indirectly, it is currently difficult to gauge the value of trapped merchandise, according to Moody’s analyst Daniel Harlid.

Meanwhile, Jai Shirma, a marine transportation lawyer at Clyde and Co, said that just because a shipment is delayed does not mean it will be a loss.

The final impact on companies and the possible chain reaction that is yet to come, cannot be quantified now and will partly depend on the level of existing stocks, he added.

Also read: The Suez Canal is jammed, why is it so difficult to evacuate the Ever Given ship? This is why …

Plan B for crude oil

Despite the incident The Suez Canal is blockaded culminating in an increase in oil prices, that sector is actually less affected than the others.

This is because only about 1.74 million barrels of crude oil are sent through the channel made by Ferdinand de Lesseps every day.

As much as 80 percent of Middle Eastern oil for Europe, which is not much in quantity, is sent via the Sumed pipeline from the Red Sea to the Mediterranean near Alexandria, said Paola Rodriguez of Rystad Energy.

In this photo released by the Suez Canal Authority, a ship navigates in front of the large cargo ship Ever Given on March 24/2021.  The Ever Green vessel has become entangled in Egypt's Suez Canal, blocking traffic on the East-West waterway critical for global shipping.  An Egyptian official warned Wednesday that it would take at least two days to clean the ship. SUEZ CANAL AUTHORITY via AP PHOTO In this photo released by the Suez Canal Authority, a ship navigates in front of the large cargo ship Ever Given on March 24/2021. The Ever Green vessel has become entangled in Egypt’s Suez Canal, blocking traffic on the East-West waterway critical for global shipping. An Egyptian official warned Wednesday that it would take at least two days to clean the ship.

Another ship turning requires additional fuel costs

The evacuation of the Ever Given or Evergreen vessels can take days or even weeks.

Due to the jammed Suez Canal, other ships had to circle around the southern tip of Africa.

The waterway shipping giants, Maersk and Hapaq-Lloyd, are seriously considering options other than rerouting.

If they took the rotating option, they would have to pay an additional several hundred thousand dollars (billions of rupiah), which would result in a 15-20 percent increase in shipping costs, according to analyst Plamen Matzkoff at VesselsValue.

Also read: Chronology of the Suez Canal Stuck: Giant Ship Got Stuck, World Oil Prices Rise

A photo released by the Suez Canal Authority shows the cargo ship Ever Given with its bow caught on the canal wall on Wednesday (24/3/2021).  This incident jammed the Suez Canal, and 150 ships were queuing to pass.  World oil prices have also risen due to delays in shipments.SUEZ CONTINUED AUTHORITY via AP A photo released by the Suez Canal Authority shows the cargo ship Ever Given with its bow caught on the canal wall on Wednesday (24/3/2021). This incident jammed the Suez Canal, and 150 ships were queuing to pass. World oil prices have also risen due to delays in shipments.

Who is responsible for the losses?

Lloyd’s List continues, up to 90 percent of shipments are uninsured for delays.

As a result, lawyers will continue to be busy arguing over who should pay the bills.

It can cost several million US dollars (tens to tens of billions of rupiah) to unload a ship to a dock that is not intended, according to estimates by Jai Sharma of Clyde and Co, because the containers have to be unloaded first.

However, carrier insurance policies are mostly covered by several companies, said Moody’s analyst Soichiro Makimoto.

Therefore, the payments may be shared by the insurance and reinsurance companies.

Also read: Bad Suez Canal, World Loss of Rp. 5.6 Trillion Per Hour

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