Case Study
Suez Canal Blockage
In March 2021, the Ever Given, a colossal 400m container ship, became lodged in the Suez Canal abruptly clogging a vein of global trade. For six days, the vessel blocked a route responsible for the daily passage of approximately $10 billion in trade.
The Suez Canal, a critical shortcut between East & West, was ill-prepared for such an incident. Worse still, hundreds of ships lined up on either side causing unprecedented traffic that took weeks to clear.
Real-time insights could have helped reroute traffic and prevent losses that even had a measurable effect on the global economy.
Global Trade
Merchandise & goods valued at over $9 billion per day halted - equivalent to $6.7 million per minute
Loss of Resources
On 29 March 2021, Ever Given was finally free - taking advantage of high tide & the pulling power of 14 tugboats to refloat Ever Given.
Oil & Gas Industry
Markets felt the panic as essential goods like oil were stuck in transit. The obstruction could have diminished trade growth by 0.2 to 0.4 points.
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