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Suez Canal Crisis Morphs Into Global Supply Chain Wrecking Ball

Mac SlavoTyler Durden
March 26th, 2021
SHTFplan.comZeroHedge
Comments (21)

This article was originally published by Tyler Durden at ZeroHedge. 

The world got another wake-up call this week about the overreliance on complex, just-(not)-in-time global supply chains. As of Friday, the massive containership, “Ever Given,” remains stuck in the canal, unable to be refloated, paralyzing the world’s most important shipping lane.

Ever Given is one of the world’s largest containerships, with approximately 20,000 shipping containers of goods, and it has paralyzed one of the world’s most important shipping lanes – a vital linkage between Asian factories and customers in Europe and the US.

 

Reuters reports the Suez Canal Authority (SCA) is looking forward to cooperating with the US to refloat the stranded containership that has blocked the canal since Tuesday.

“The Suez Canal Authority (SCA) values the offer of the United States of America to contribute to these efforts, and looks forward to cooperating with the US in this regard,” it said in a statement.

Shoei Kisen, the Japanese owner of the ship blocking the Suez Canal, aims to dislodge the vessel from the canal bank by Saturday. But as Bloomberg reports, the process to refloat the ship could “take until at least next Wednesday.”

Peter Berdowski, CEO of Dutch company Boskalis who has been tasked with dislodging the vessel, warned Ever Given “could be stuck in the canal for weeks.”

So actual timelines on when the vessel will be unstuck are unclear. The blockage is wreaking havoc across global supply chains, and crude prices were higher on Friday morning on mounting fears the containership will be stuck for much longer than initially anticipated. Since the containership got stuck on Tuesday, crude prices have been chopping around 57-handle to 61-handle.

On Friday, tugboats and suction dredger crews worked around the vessel’s front hull to remove sediment. The task to refloat the 200,000-ton ship may involve removing containers to lessen the vessel’s weight.

Since Tuesday, tugs, and diggers have been unsuccessful in attempting to refloat the stranded vessel. As hundreds of ships pile up on either end of the canal entrances – A.P. Moller-Maersk A/S and Hapag-Lloyd AG have instructed their vessels to take alternative routes to avoid the canal. Vessels have been instructed to reroute around the Cape of Good Hope.

The canal is one of the world’s most important shipping lanes, with 12% of global trade and 8% of liquefied natgas traverse the canal and nearly two million oil barrels each day. Every day the canal is blocked, it halts about $9.6 billion of trade.

“The number of ships loaded with billions of dollars worth of goods waiting to traverse the canal has risen to more than 300,” according to Bloomberg data.

Reeling from the blockage, marine freight rates are surging this week as companies race to find alternative shipping lanes.

According to Bloomberg, the cost to ship a 40-ft. container from China to Europe has risen to $8,000, up 4x year-over-year. Suezmax vessels, which carry about 1 million barrels of crude, are now chartering for approximately $17,000 per day, the most since summer 2020.

Reuters notes the Black Sea to Mediterranean fuel shipping rates rose this week as traders attempt to bypass the blocked Suez canal.

On top of an already stretched global supply chain, manufacturers in Asia are already preparing for extended shipping delays due to the blockage. To get an idea of some of the goods that flow through the canal from the East to West, cargo aboard an HMM Co. vessel moored outside the canal is carrying frozen beef, paper, beer, auto components, chocolate, furniture, frozen pork, and other goods.

Other reports include Caterpillar Inc. is facing shipping delays because of the canal blockage and is considering air freight for certain parts.

Mark Ma, the owner of Seabay International Freight Forwarding Ltd., a company that handles Chinese goods including toys, pillows, and mattresses sold on Amazon, has 20 to 30 containers stuck in the canal.

“If it can’t be resumed in a week, it will be horrible,” said Ma. “We will see freight fares spike again. The products are delayed, containers can’t return to China and we can’t deliver more goods.”

More reports indicate at least 10 LNG vessels from the Middle East with end destinations in Europe have been delayed.

“Even if the route is liberated within one week, there is a large queue of cargoes lining up to cross the canal,” said Carlos Torres Diaz, Rystad’s head of gas and power markets. “The return to normal flow will take some time.”

The knock-on effects of the blockage are rippling through the global supply chain and are the “worst-case scenario” for global trade.

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    Author: Mac SlavoTyler Durden
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    Date: March 26th, 2021
    Website: www.SHTFplan.comhttps://www.zerohedge.com/

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    21 Comments...

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    1. Andrea.Iravani. says:

      Congress wants people to believe that American citizens that know that congress, the governments, the media, the financial sector, and the medical sector, are totally corrupt are EXTREMISTS filled with DISINFORMATION.

      Hey, you lousy worthless fucking retards in congress, why don’t you find the missing $21 trillion from the Pentagon! Why don’t you prosecute the psychopaths for 9/11 implosion and seven false flag wars, Why don’t you prosecute the medical fraud and Munchausen system of the scamdemic which can be scientifically proven to be complete fraud! 

      Why don’t you shut the fuck up and read the constitution, or have someone read it to you if you are too fucking retarded to read! 

      I am charging you with high crimes and treason! Our system is the constitution! If you don’t like the constitution, move to China! 

      Go to hell! 

      You don’t qualify to be a part of this country! You’re not good enough! 

      CNN reported:

      “Members of the House Energy and Commerce Committee pressed Facebook CEO Mark Zuckerberg, Google CEO Sundar Pichai and Twitter CEO Jack Dorsey about their platforms’ efforts to stem baseless election fraud claims and vaccine skepticism. Opaque algorithms that prioritize user engagement and promote misinformation also came under scrutiny.”
      “Rep. Mike Doyle, chair of the House subcommittee on Communications and Technology, said his staff easily found anti-vaccine content on Facebook, Facebook’s Instagram subsidiary, Twitter and YouTube.
      “You can take this content down. You can reduce the vision. You can fix this. But you choose not to,” Doyle said in opening remarks. “You have the means. But time after time you are picking engagement and profit over the health and safety of users.”

      “But those claims of progress aren’t likely to appease committee members, whose memo cited several research papers indicating that misinformation and extremism are still rampant on the platforms.” -CNN

      https://www.cnn.com/2021/03/25/tech/tech-ceos-hearing/index.html

      Andrea Iravani

    2. Andrea.Iravani. says:

      Can’t get Genie Oil out of the Suez. I would Definitely dump Genie Oil stock if I had it, but I would never buy Genie Oil stock that stole Syrian oil and sold it for Israeli profit, and DJTs, Ivanka’s and Jared’s profit too! So much for to the “victor” goes the oils.

      It looks like a total loser to me!

      Andrea Iravani

    3. Missouri says:

      The global supply chain is very weak and by all appearances it seems to be growing weaker.

      Update and new information on how to subscribe to Steve’s Underground Newsletter:

      Steve’s Underground Newsletter is very much like the title. It is low tech in that what you will receive are very simple newsletters communicating some if not the most important facets of survival, preparedness, current events and so much more. Additionally, you will receive updates and information about the progress of the small survival oriented community. This community is in the very initial stages of formation. Currently, there is no website for Steve’s Underground Newsletter. Interested individuals should subscribe to Steve’s Underground Newsletter by sending one dollar using PayPal to the email address of [email protected] There is no contract. Just send one dollar to begin your subscription. The next forth coming issue will be Survival Food Part Two: The Biggest Storage Dangers To Your Survival Food. Steve’s Underground Newsletter is sent by email twice a week at the subscriber cost of only one dollar per month. In it I cover survival, preparedness, product reviews, current events and much more. It’s entirely interactive in that I try to answer all my emails.
      Prepare and Stay Well,
      Steve

    4. Hmm, the little bit I’ve read about this article, man, that is ” big ” ship and I know nothing about anything like. And at my age, I don’t care to know more

    5. Andrea.Iravani. says:

      Alert Interpol to Arrest Bill Gates for Violating International Law Under the U.N. 1977 Convention on the Prohibition of Military or Any Other Hostile Use of Environmental Modification Techniques (72)

      Encyclopedia.com on weather modification:

      “The 1977 Convention on the Prohibition of Military or Any Other Hostile Use of Environmental Modification Techniques (72) prohibits the use of techniques that would have widespread, long-lasting, or severe effects in causing such phenomena as earthquakes, tidal waves, and changes in weather and climate patterns.”

      https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/arms-regulation-and-disarmament

      Now Bill Gates wants to dump CaCO3 right over Greta Thunberg’s head!

      https://www.shtfplan.com/headline-news/bill-gates-wants-to-spray-millions-of-tons-of-chalk-into-stratosphere-because-climate-change

      Britannica says:
      “Calcite, the most common form of natural calcium carbonate (CaCO3), a widely distributed mineral known for the beautiful development and great variety of its crystals. It is polymorphous (same chemical formula but different crystal structure) with the minerals aragonite and vaterite and with several forms that apparently exist only under rather extreme experimental conditions.”

      https://www.britannica.com/science/calcite

      “Chalk, soft, fine-grained, easily pulverized, white-to-grayish variety of limestone. Chalk is composed of the shells of such minute marine organisms as foraminifera, coccoliths, and rhabdoliths. The purest varieties contain up to 99 percent calcium carbonate in the form of the mineral calcite. The sponge spicules, diatom and radiolarian tests (shells), detrital grains of quartz, and chert nodules (flint) found in chalk contribute small amounts of silica to its composition. Small proportions of clay minerals, glauconite, and calcium phosphate also are present.”

      https://www.britannica.com/science/chalk

      Knowing what Gates is like, it is just probably going to be used to claim that he reduced his carbon footprint next year for the new accounting gimmick staged by the idiots in Silicon Valley that do not produce anything at all other than carbon and EMFs.

      Shown Here by F. William  Engdahl via Global Research:
      https://www.globalresearch.ca/great-reset-follow-money/5740424

      Gates in the Sky with Calcium!

      Stop Gates Now!

      I would not recommend permitting Bill Gates to use the world as his own personal laboratory and test tube! 

      Bill Gates really should be arrested. Since when is what Gates doing nothing less than eco-destruction and eco-terrorism? He is doing this in a pre-meditated, effort. Gates chalk dumping is completely deliberate stratospheric littering. It is the sole intention of this chalk dumping. There are far too many variables involved in this as well and no control model either and therefore cannot justify calling this a scientific experimient, when it totally ignores the scientific method. It is not an experiment. It is the brazen act of a crazed maniac.

      https://www.britannica.com/science/calcium/Compounds#ref89814

      Andrea Iravani

    6. Andrea.Iravani. says:

      The 9/11 Half-Truthers and Liars

      Kevin Barrett and Doc Alan Sabrosky from the Army War College  continue to claim that Israel was responsible for 9/11. 

      Israeli involvement is apparent with the dancing Israelis, and other leaked evidence, but Israel could not pull the 9/11 psy-op off without the coordinated efforts of the United States government, international corporations, and the hundreds of thousands of employees that worked in the World Trade Towers and the Pentagon.

      Since only 3,000 people died, ( which was 3,000 too many ) in those gargantuan archtectural complexes.

      It may be possible that the dancing Israelis worked for a demolition company and were contracted by Americans to do this. 

      The Mossad and US spy agencies frequently collaborate, as if everyone hasn’t noticed! 

      Kevin Barrett is a psy-opper, a gas-lighter, and a habitual liar.

      Kevin Barrett had physicists on his radio show on Unz claiming that nuclear bombs destroyed the World Trade Towers that left the rest of city in tact, and everyone else miracualously survived three nuclear bombs in a single day  on a 12 mile island. 

      I believe that it was implosion for the reasons stated above. 

      For some reason German and French physicists are making the claims suuported by Barrett made previously as well as Gordon Duff.

      It is illogical to make such claims. It appears to be a psy-op for conditioning people into believing that underground nuclear explosions in highly populated areas are safe and non-threatening. Duff also claims that Lebonon and Iraq were nuked.

      The French physicist claims that temperature studies of heat release from the ground for months after the implosions can only be explained by nuclear bombs.

      I have not done the math on this, and couldn’t even if I wanted to since I do not have all of the many variables, but did read that hydraulic jacks are used in order to prevent the ground floor from collapsing first in implosions. All of the moltent steele that melted and was underground could potentially remain at high degrees for a considerable length of time being trapped underground with debris piled ontop acting as a thermos to contain the heat from the moltent metal.

      France poured their nuclear waste in an old underground sewer system, and Germany’s nuclear waste salt containment sites have also suffered considerable damage, providing the reasons for their support for such claims if that is the case. 

      Kevin Barrett continues to add fuel to the fire that anti-Semitism is a pervasive problem with his sick and twisted psy-ops that defy all reason and logic.

      Andrea Iravani

    7. Darth Skippy says:

      I can rent more equipment than that, in a small town.

    8. Andrea.Iravani. says:

      Screw Loose and Brainless Too!

      It is impossible to believe that Harris is smarter than Biden after her disgusting empowerment of serial-rapist Bill Clinton!

      Women demand an apology from Harris for her empowerment of serial-rapists around the world and also Harris’s disempowerment of rape victims, women, and girls, basically telling them to put up and shut up!

      Kamala Harris is now a Public Relations propagandist for a serial rapist, a serial thief, a serial murderer, a serial-fraud, and a pathological liar!

      Bad taste! Bad form! Kamala Harris practically strapped it on and raped women and girls all over the world with this!

      https://sputniknews.com/viral/202103271082465970-epstein-wasnt-available-outrage-as-kamala-harris-joins-bill-clinton-to-empower-women/

      Andrea Iravani

      • cranerigger says:

        Andrea Iravani, you are so right again. Kamala Harris was rejected as a Presidential candidate by her own political party, the Demonrats. She was among the first candidates to bail out of the Demonrat nomination. No worries Kamala, Biden is making it easy to do the 25th Amendment replacement.

    9. There go your gas prices, food and anything else you buy. Good excuse huh?

    10. There go gas, food and price of everything else. Good excuse huh?

    11. In the photos, the name on the ship is Evergreen, not Evergiven.

    12. Andrea.Iravani. says:

      Sputnik’s Neil Clark compares and contrasts UK PMs Harold Wison’s handling of the 1968-69 Hong Kong Flu to Boris Johnson’s handling of “covid-19.”

      Obviously all Sputnik radio show hosts ignore Neil Clark! Neil Clark? We have never heard of him. No idea who you are talking about.

      Give Neil Clark a radio show please! It would be great not to have to listen to a Big Pharma propagandist!

      https://sputniknews.com/columnists/202103261082459731-hong-kong-flu-and-covid-how-no-lockdown-harold-wilson-proved-to-be-better-pm-than-boris-johnson/

      Andrea Iravani

    13. Andrea.Iravani. says:

      Michael Hudson is lying again on Unz, claiming that 80% of bank loans are mortage loans, but banks only service the loans since the government took over Fannie Mae and Freddie Mac, and already owned FHA loans.

      Yes. It was the government that evicted everyone that got caught up in the 2008 bubble, after Obama bailed out the Federal Reserve, and Too Corrupt to Succeed banks, and kicked people out of their homes.

      Michael Hudson doesn’t think that people should own property. He thinks that everyone should have to rent it from the government. He complains about a rentier economy. He doesn’t even think people should be able to own a house.

      He trusts the government that is guilty of 9/11, the 7 false flag wars that followed, the missing $21 trillion from the Pentagon, and the scamdemic to own everything.

      Does Michael Hudson own the government? Sounds like it!

      Michael Hudson thinks that everyone should be a slave for the government and said that he wants America to be like China.

      Michael Hudson wants everyone to own nothing, pay the government rent for housing for the rest of their lives, and be happy.

      Andrea Iravani

    14. Andrea.Iravani. says:

      Michael Hudson is lying again on Unz, claiming that 80% of bank loans are mortage loans, but banks only service the loans since the government took over Fannie Mae and Freddie Mac, and already owned FHA loans.

      Yes. It was the government that evicted everyone that got caught up in the 2008 bubble, after Obama bailed out the Federal Reserve, and Too Corrupt to Succeed banks, and kicked people out of their homes.

      Michael Hudson doesn’t think that people should own property. He thinks that everyone should have to rent it from the government. He complains about a rentier economy. He doesn’t even think people should be able to own a house.

      He trusts the government that is guilty of 9/11, the 7 false flag wars that followed, the missing $21 trillion from the Pentagon, and the scamdemic to own everything.

      Does Michael Hudson own the government? Sounds like it! 

      Michael Hudson thinks that everyone should be a slave for the government and said that he wants America to be like China.

      Michael Hudson wants everyone to own nothing, pay the government rent for housing for the rest of their lives, and be happy.

      Michael Hudson also wants everyone to be forced to pay for medical tyranny and concentration camps referred to as universities. We don’t want those worthless services forced on us! 

      This land is my land! What ever happened to that patriotic tune?! 

      Michael Hudson rewrote it to this land is the governments land. This land was made for the government!

      Andrea Iravani

    15. Darth Skippy says:

      Literal, ocean piracy was given as reason, to prioritize the Suez route.

      memegenerator.net/img/instances/75553580.jpg

      I have no sincere respect for non-interventionism, where this is still a thing.

    16. Just when things were starting to pick up…..coincidence?

    17. Emergency foodstuff are the most up-to-date embellishments which may have grocery stores putting up their own varieties on their shelves. Theyre what individuals usually are calling ‘food upon demand’. By simply including water on the packet, foods fanatics can be able to sit a while and enjoy a new wholesome meal.

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