The 400-foot Ever Given container ship, which ran aground in the Suez Canal on March 23, has been dislodged. But a queue of ships — loaded ones headed for markets as well as empty ones returning to factories — will take some days to clear.
The overall fallout may last weeks. Containerized goods worth almost $10 billion traverse the Suez daily, so the delays add to pressures on supply chains already strained by roaring demand for electronics, clothing, factory equipment and commodities.
Several global retailers were impacted, as well as auto firms’ just-in-time supply chains.
And if bottlenecks build at other ports, cargo rates and container shortages may rise further. The Baltic dry index, which tracks dry goods freight rates is near 18-month highs while supramax freight costs — vessels around 50,000 deadweight tonnes — are approaching record highs.