The 193-km long sea-level canal strip in Egypt means materialization of global 12 per cent trade but a recent hiccup – grounding of Ever Given ship with a gross tonnage of 220,940 – has proved to be a blow to the European supply chain with fears rife commodity prices will skyrocket.
With its global impact, experts say the knock-on effects might result in jacked fuel prices while it has sent already rising container fare through the roof.
The importance of the Suez Canal has long been a subject for economists and international relations experts but this video explainer attempts to recapitulate the essence of how this grounding of a behemoth may shape a new future and might as well prove to be a crucible for strategic appraisal.
