We send out weekly newsletters to our members about announcements, event information, and what YGCC is reading blog. You can find our past blog below.
Please subscribe to our newsletter now to keep track of the latest content!
What YGCC is Reading #341
Suez Canal Crisis Sends Shipping Lines Scrambling for Alternatives
The Suez Canal connects the Mediterranean and Red Seas and accounts for as much as 13% of seaborne trade and about 10% of maritime shipments of oil. The bottleneck has been blocked since early Tuesday by a giant container ship stuck in the single-lane portion of the canal. This has incurred a cost of >100K USD per second to global trade. Shipping companies have tried to reroute vessels around Africa, though forecasts predict ripple effects of disruptions and traffic jams at major ports in Europe and Asia.
Should the Egyptian government develop a second lane to alleviate future blockage problems? What are some factors to consider?
A vessel loaded with livestock just left France for Saudi Arabia. Would you recommend the ship to go around Africa, or wait at the canal?