During the Six Day War in 1967 the canal was blocked again, this time it remained closed for years, until 1975. That had significant consequences for trade between Asia and Europe.
Since then, shipowners have rarely been faced with surprises like today. One of the most serious incidents took place in 2004, when the oil tanker Tropic Brilliance blocked the channel for several days. And in 2017 it took several hours to refloat the freighter OOCL Japan.
“I have never experienced this before”, says HMM director Van den Eijnden. “It was possible that the canal would be closed temporarily or that they increased the tolls enormously, but we were able to respond to that in time. Then we also opted to sail via the Cape of Good Hope. But that a ship is moored in the canal. I don’t remember. “
The short-term closure will not have such enormous consequences, but for shipowners the damage due to delay can quickly increase, says Van den Eijnden. “We now have to wait and the counter continues to run, a ship costs a lot of money every day and we are not insured for it.”
Bottleneck
According to Rob Zuidwijk, professor of Global Supply Chains and Ports at Erasmus University, the closed canal does indeed mainly affect individual shipowners and port companies. Even if it took a few days, it will not immediately collapse the world economy. “There is a lot of oil going through the canal, but the oil industry has enough supplies to hold out for a while.”
It’s different for freight transport, thinks Zuidwijk. “It will just be that there is just a load that you are waiting for. You only have to miss a part to no longer be able to make your product.”
This incident also shows how dependent the world is on transport routes such as those via the Suez Canal, says Zuidwijk, just as when there was a ship. the Rhine for days blocked. “You are again confronted with the facts. World trade depends on this kind bottlenecks, and they are vulnerable. “
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