Congestion at global container ports is nearing COVID levels, leading to spikes in shipping costs and clouding the outlook for corporate bottom lines and the economy
The Suez Canal crisis was short, but was years in the making
Canal authorities said Saturday that dredgers had managed to dig out the rear of the ship Friday night, freeing its rudder, and that by Saturday afternoon, they had dredged 18 meters down into the canal's eastern bank, where the ship’s bow was stuck solid. But after a salvage team failed once more to dislodge the four-football-field-long leviathan from the sand bank where it ran aground Tuesday, blocking all shipping traffic through the canal, global supply chains churned closer to a full-blown crisis.
The revenues will not go up hugely on account of the new ship because the full year implementation does not come right away, said Vineet Agarwal, MD, TCI.
The chaos in Egypt is not enough to cause the country to loose side of business.